FOR the past five years it has been a rubblestrewn “eyesore”.

But ITV Meridian’s former home in Southampton could soon become a 250-home development as part of an ambitious new vision for the site.

Bold plans are being drawn up to transform the prominent parcel of land in Northam and build a ten-storey residential tower and 400sq m of commercial space.

A planning application for the site could be handed in at the end of the year.

The area has been vacant since the studios of the television broadcaster were knocked down in 2008, and a previous scheme to build 550 homes on the land next to Northam Bridge collapsed in the recession.

Built in 1967, the studios were the home of ITV contractors Southern, then Southern Television and finally Meridian for 35 years.

But a £4.5billion merger between TV firms Carlton and Meridian owners Granada in 2004 preceded a controversial decision to leave Southampton and close the site with the loss of 175 jobs.

The studios were demolished in 2008 and Surrey-based firm Oakdene Homes bought the seven-acre site in Summers Street for £8.5million.

But its plans to build a £100million complex containing 500 apartments, commercial space and a 27-storey tower were scrapped when Oakdene went into administration in 2009.

Now the Royal Bank of Scotland’s commercial property wing West Register, which took over the site after Oakdene’s collapse, is preparing to unveil a new vision for the land.

Southampton-based planning consultants Luken Beck are drawing up plans for the redevelopment, and expect to hand in a full application in December or early next year.

The new plans, which are at an early stage, are for 250 homes ranging from two to four storeys in height, a ten-storey residential tower, about 400sq m of commercial and leisure floorspace and about 370 car parking spaces.

Any planning application is expected to be complex due to sensitive issues over nature conservation, flood defences, access and home zoning at the riverside site.

West Register confirmed that plans are being drawn up, but declined to comment further at this stage.

City council economic development chief Matt Tucker welcomed the news and said he hoped it could unlock a wave of interest from businesses in setting up on the western bank of the Itchen.

He said: “It’s an absolute eyesore at the moment, it’s just a pile of rubble and it can be used for better things than just storing rubble.

“This is really welcome – it’s good that people see Itchen