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Turner Contemporary is poised to spark "an explosion" of visitors that will transform the economy of East Kent, guests were told at a formal handover ceremony.

John Kampfner, journalist and chairman of the Trust overseeing development of the £17.5m art gallery in Margate, urged local people to prepare for huge changes.

He said it would bring big economic benefits to the area and businesses and be a springboard for successful regeneration of an area with high unemployment and pockets of serious deprivation.

More than 150 people have worked on the project built by 400-year old Westerham-based firm R Durtnell and funded by Kent County Council, the South East England Development Agency and the Arts Council.

Mr Kampfner had this message for residents: "Be prepared for what's about to happen to Margate. It is going to change absolutely. This will be a gallery of great international renown and local pride."

Before handing over the building to Turner Contemporary Trust, KCC leader Paul Carter said it would be "a massive catalyst for change."

Allan Willett, the Lord Lieutenant of Kent, said the key to economic success would be an extension of high-speed rail into the area and achieving a Manston Parkway station. Nevertheless, the Europe's "best kept secret" was not going to be a secret for much longer.

Architect David Chipperfield said regeneration would only follow if the building worked. It should not be the first principle. "People in Margate need to love the building, come into the building, take ownership of the building. Then everything else happens."

Turner Contemporary opens to the public on April 16.