Bluebird crashed and sank in 1967, killing Donald Campbell, while attempting his eight world water speed record.

Campbell is the only man in history to hold both water and land speed records in the same calendar year (1964).

His daughter Gina marked the occasion by fixing the first rivet to the boat at its temporary home in North Shields.

A panel in the cockpit was chosen where her father always kept his mascot, Mr Whoppit the teddy bear, who survived the crash on that last trip.

Diving enthusiast Bill Smith and other volunteers located both the remains of Bluebird and those of Campbell following a painstaking search.

Bill and the team are looking forward to putting the craft together for the final time: "We'll be glad when the first rivet is in so we can crack on.

"It's finally here – we've put it together before and taken it apart but this is it now."

But it has not all been plain sailing, Bill explained they had twice applied for lottery funding, but been turned down on both occasions.

Completion will take about 12 months, then Bluebird will go to her permanent home in a purpose-built wing in the Ruskin Museum in Coniston.

An application to operate her under her own power on the lake in 2010 has been voted by the National Park Authority to go to public consultation.

"We thought would it not be special to run Bluebird on Coniston – so that those who weren't born in 1967 get a chance to see her," Bill added.