Plans to transform a long-derelict boatyard near Lowestoft have been given the go-ahead.

A development of 76 houses, offices and new boatyard on the former Pegasus boatyard were yesterday approved at a meeting of the Broads Authority planning committee, despite concerns over traffid.

Residents opposed to the scale of the proposals told the committee they believed the plans for the area, which have been seven years in the making, were an 'over-development'.

Justin Taylor, who lives near the site, was applauded by the public gallery for raising safety concerns over increased traffic on nearby Commodore Road, a two-lane road which is often lined with parked cars.

He said the narrow pavements and the road's proximity to a retirement home meant people in wheelchairs or with prams often walked in the road.

'Can we not all see that this is an accident or a fatality waiting to happen?' he asked members.

A traffic statement from Suffolk County Council estimated that the development would generate an additional 476 'two-way movements' daily, but said the traffic would have no detrimental effect.

Waveney district councillor Mike Barnard, who represents Oulton Broad and sits on the Broad Authority planning committee, said development of the 'eyesore' boatyard was needed, but added: 'The deep pity is that we feel we are trying to put too much on the site.'

But planning officer Alison Macnab said highways officials had been through the plans with 'a fine-tooth comb' and had not raised concerns about traffic levels.

Members were told that the site's viability was 'marginal' and therefore could not support a large S106 agreement – through which developers fund infrastructure and off-site facilities – though a clawback clause was in place to increase the £140,000 contribution should profitability improve.

Stephen Johnson, chairman of the Broads Authority, encouraged the committee not to miss the opportunity, adding: 'I think it's the best scheme we have seen on this site, ever.'

Stephen George, the managing director of Badger Building, said construction due to get under way in spring 2014.