FEARS Southampton's flagship Admiral's Quay development might never be completed after cash-strapped developers halted all work on the project have been eased by news of widespread interest in the site.
Despite the property downturn and an estimated price tag of £10m, the Ocean Village development, regarded as one of the top sites in theWilson Bowden portfolio, has triggered a surge of interest.
Major house builders have stayed away, but the lure of a waterside plot complete with planning permission for up to 230 homes has attracted plenty of others.
The news is a welcome relief for city bosses who have seen a succession of major developments hit difficulties.
Wilson Bowden, part of home giant Barratt after a £2.2billion takeover last year, admitted it had pulled the plug on work with just three of five blocks built and with most of the shops, bars and restaurant yet to be completed. They then put the plot up for sale.
Although no major house builders have so far shown an interest, specialist developers and property entrepreneurs have all approached Savills, the agents marketing the site.
Initially intended to be large flats aimed at relatively wealthy buyers, slow sales in the first three blocks prompted Wilson Bowden to go back to the drawing board for the final two, changing them to smaller one and two-bedroom units.
Therefore, any buyer of the site has three options: To build the original 156 units or the revised plan for 230 units, both of which include 21,700 sq ft of retail space; alternatively, they could remodel them again and go for a third planning permission.
Savills director of development Colin Wilkins said: "We've marketed it nationally and we have been pleasantly surprised by the level of interest we have received. It is a prime piece of waterside real estate and they can't help themselves but be interested in it. They know that these don't come up very often. They know that when the property cycle goes through they will be in a good position.
"I have every confidence that one day the development of Admiral's Quay will be completed and this will add to the vibrancy and integrity of Ocean Village as a Southampton waterside destination for residents and visitors alike."
Councillor Royston Smith, Cabinet member for economic development, said: "It's a prime site, it's ready to go and I think that someone out there with deep pockets could come along. I remain optimistic for this site."
● For more information about Admiral's Quay development opportunities ring Colin Wilson on 023 8071 3926
