AN ICONIC boathouse building on the banks of the Thames has risen from the ashes following a multi-million pound rebuild.

The University College Boathouse, on the River Thames in Oxford, was burnt down in a suspected arson attack eight years ago.

Lord Colin Moynihan, chairman of the British Olympic Association, unveiled the new £2.7m building at Oxford University's Summer Eights competition on Saturday.

The rebuilding was funded by an insurance payout and donations.

Elizabeth Crawford, domestic bursar, said: "I think it's a brilliant building. Standing here, one has the sensation of floating above the river.

"It is a design that will become iconic in a city that is full of iconic buildings. University College is thrilled with the result."

Mrs Crawford said the building had extremely advanced security to prevent another fire damaging the boathouse.

The building - which includes boat storage, repair bays, a gym and accommodation - has a large glass frontage on the second floor giving unobstructed views of the river below.

It was designed by architect Shahriar Nassar, of Belsize architects and built by Kidlington-based Kingerlee.

Lord Moynihan - who was a cox in a winning Oxford University Varsity boat race team - unveiled two plaques which will now be installed at the multi-million pound boathouse.

He said: "It has been built with oarsmen in mind with its 30m bays, which oarsmen need.

"It is a 21st-century building and great to have this balance of architecture on the riverbank. It is a building that is of its time.

"It is a day both to reflect on the people, and former boathouse, which made rowing at University College so important but also a day to look forward."

The boathouse will be shared between University College, Wolfson College, St Peter's College and Somerville College.

Donations included money from American businessman James Coleman, who is a University College graduate.

The opening was attended by Oxford's Lord Mayor, John Tanner, and Oxford University Vice Chancellor John Hood, among other guests.