ONE of Southampton's best-known waterfront landmarks is being lined up for a possible £25m sale.

The historic ten-acre Town Quay, familiar to tens of thousands of locals, is on the verge of being put on the market by Associated British Ports (ABP).

The company, which owns and operates the city's docks, describes Town Quay as non-core to its port business.

Port director Doug Morrison, pictured right, said: "If someone is willing to pay top whack for it, we are willing to consider it."

It is understood that none of the tenants, such as popular restaurants like Margherita's and Cuccini's on the quay, would be affected by any sale.

Hythe ferry operator White Horse Ferries also docks at the quay, as does Red Funnel's super-fast Red Jet service to the Isle of Wight.

Mr Morrison said: "We have decided to test the water as far as Town Quay is concerned. We do not regard Town Quay as a core business. We are about running ports, and that is what we are sticking to."

Town Quay and the neighbouring derelict Royal Pier site, which ABP also owns, had been part of a £250m waterfront housing scheme which would have involved reclaiming land from the sea.

That was ditched last autumn because ABP deemed it too costly.

That in turn dealt a blow to the city council's grand vision to link the waterfront to the city centre.

Mr Morrison said: "The sale of Town Quay won't in any way affect any plans the city council may have for the reclamation of Mayflower Park and the Royal Pier.

"I'm sure the council is very keen to safeguard the future of the Southampton International Boat Show and keen to develop something at Royal Pier."

Town Quay dates way back in local history and is believed to have provided the first decent berthing facilities at the south coast port.

The site, which overlooks Ocean Village on one side and the Red Funnel car ferries terminal by Royal Pier on the other, has 50,000 square feet of offices, shops and restaurants, reportedly generating an estimated £1.5m in rent a year.

It is too early to say what plans, if any, any new owner would have for the car park at the end of the quay, which juts out into Southampton Water.

ABP has instructed Jones Lang LaSalle, one of the world's leading property services companies, to market the waterfront site.

Russell Mogridge, the chairman of Southampton Property Association and a director at regional commercial property agency Hughes Ellard, said: "It's a sellers' market the impact on Southampton and anything else is irrelevant as it's a commercial property investment. ABP is selling at the right time."

The city council was not immediately available for comment.