THE mega rich boss of the Carphone Warehouse has come to the rescue of an abandoned flagship development in Southampton in another job boost for the city.

Barratt Homes has sold its waterfront Admiral's Quay site to Southampton based Allied Developments.

Just three of a planned row of five blocks of flats and two of up to ten restaurants and bars have been built at the Ocean Village development.

Work on the two remaining apartment towers, which will be redesigned, is now expected to begin later this year bringing hundreds of local construction jobs.

The scheme was one of the first major victims of the credit crunch in the city in July 2008 when the plug was pulled on building work and the waterfront site was put up for sale.

Barratt, which took over the development from housebuilder Wilson Bowden, announced last summer it planned to revive the scheme within 18 to 21 months after failing to find a buyer for the £7m plot.

The firm boasted it would be the "single most attractive and stylish waterfront development in England" and "a Mecca for international glamour and relaxed Riviera-style living." The marina was seen as a potential rival to Portsmouth's Gunwharf Quays.

Barratt has now sold up to Allied, a property developing company controlled by Charles Dunstone, the co-founder and chairman of Carphone Warehouse and Talk Talk.

Mr Dunstone, 46, a keen yachtsman and Cowes regular, is reported to be worth £600m.

Peter Morton, managing director of Allied said: “While the housing market remains challenging we believe we can work with Southampton City Council to bring forward this development in the near future.”

He added the design and construction of the remaining 200 or so flats would be updated with improved views but insisted the revised plans would not be “contentious.”

“We are not going to put up anything that not as good (as the completed blocks). We feel we can do a lot better,” he said. “We will progress it as fast as we can.”

Council leader Royston Smith said: “I am confident that this will now mean that this development will come to fruition. We are seeing developments stall or be abandoned across the country, however in Southampton we are moving forward with our major developments. “This developer is financially strong and has a good track record at delivering.”

Admiral Quay will continue to be managed by Consort Property Management.

Allied Developments is behind the Fulcrum business park at Whiteley and other schemes in Newcastle, Manchester, London and Cardiff. Barratt declined to comment.