London , England ( CNN ) -- One of Britain 's most cherished maritime treasures will complete a miraculous rise from the ashes when it reopens to the public later this week . The Cutty Sark was devastated by fire in May 2007 but a Â£50 million ( $ 81 million ) restoration project has seen the historic vessel returned to its previous majestic glory . The 143-year-old vessel is the world 's last surviving tea clipper -- a type of nineteenth century merchant sailing ship renowned for its speed -- and was once considered the epitome of commercial maritime technology . It will receive the royal seal of approval when the Queen and Prince Phillip preside over its reopening ceremony in Greenwich , London , on Wednesday . As part of the extensive restoration process the vessel has been raised 11 feet ( 3.3 meters ) above ground , with its lower levels encased in a glass casing symbolic of the sea . See also : World 's oldest warship gets $ 25 million revamp . This new feature enables visitors to walk underneath the ship , exposing the design and engineering feats that enabled the Cutty Sark to reach what were once record-breaking sailing speeds of 17 and a half knots ( 20 mph ) . `` We have raised the ship so she 'll be right up there with the best ( historic ships ) , '' Richard Doughty , chief executive of the Cutty Sark Trust , told CNN . `` She 's a beautiful ship , a name that everybody immediately recognizes , '' Doughty added . `` The fire touched people 's hearts ( and ) you value something when you think you 're going to lose it . '' Launched from the small town of Dumbarton on the banks of the River Clyde in western Scotland in 1869 , the Cutty Sark has a long and colorful history . The ship carried a wide variety of cargo during its working lifetime -- including the finest teas , wool and gunpowder -- and made frequent journeys between the UK and major trading ports in Asia , Europe , Africa , Australasia and the Americas . See also : Adventure tourism at the bottom of the sea . Most of the tea clippers to grace the waves during the same period lasted for only a few years and just seven survived into the twentieth century . By the mid-1920s , the Cutty Sark was the only one still afloat and in 1954 it was transferred to its current dry-dock site in Greenwich . Here the vessel became a symbolic memorial to Britain 's 19th century maritime and colonial dominance , attracting visitors and maritime enthusiasts from all over the world . It is this rich historic significance that the restoration project hopes to convey . A number of new hi-tech educational features meanwhile have been added to augment the overall theme . `` She was the fastest of her day , the last remaining tea clipper , emblematic of the importance of international trade and Britain 's maritime heritage , '' said Jessica Lewis , curator of the Cutty Sark restoration project . `` We 've used a variety of media to tell the story of the ship in different ways -- oral history and reminiscences , new AV ( audio visual ) and digital interactives . Once up and running the offer will be enhanced with live interpretation and family events , '' Lewis added . The Royal Museum Greenwich , which will take over the day-to-day running of the Cutty Sark after the reopening ceremony , hope the attraction will pull in around 300,000 visitors every year . See also : Voyage to discover historic vessel of Sir Francis Drake . Although the ship does n't officially reopen for business until Thursday , visitors to the site have been able to view the vessel from afar as the finishing touches are applied . Those canvassed by CNN were positive in their appraisal of the Cutty Sark 's restored aesthetic appearance . `` It 's a really impressive sight , '' said Cathy Sertori who had traveled to London all the way from Australia . `` I 'd heard about the restoration project and it 's such an important historical ship that we really wanted to come down and see it while we are here , '' Sertori added . `` There is already loads to see in London but the glass feature is so impressive . It will give people a totally different perspective on the skills and design that went in to creating such a magnificent ship , '' she said .
the Cutty Sark Trust will reopen to the public in Britain May 2007 . $ 25 million has been spent restoring the historic ship . The Queen and Prince Phillip will give the vessel their royal blessing .