The third and final phase of a part-built development on the site of the former Meridian TV studios in Southampton has been sold by Savills in a deal totalling £5 million.
Meridian Waterside, which comprises a part-built block of 104 apartments overlooking the River Itchen, has been purchased by Purple Pepper Partnership. Savills acted for the Joint Administrators of Inland Finance Limited – who undertook the Meridian Waterside Development - on behalf of Phil Armstrong of FRP Advisory.
The 6.92 acre (2.8 ha) site is located adjacent to the Northam Bridge, which is a prominent location in the city of Southampton.
The sale includes 104 partially finished private residential apartments in an 11-storey building with one-to-one parking, plus the opportunity to convert a ground floor commercial unit into two additional 1 bedroom units (subject to planning).
The Freehold title also comprises the incomplete building plus two completed blocks with 152 completed private apartments that have been sold to third parties on various leasehold terms, along with car parking, open space, landscaped podiums, roads and footpaths.
Stuart Jones, Head of South Coast Recoveries at Savills, says: “We are really pleased to have secured the sale of this site. In doing so it has not only ensured the best outcome for the creditors of Inland Finance Limited, but also that the residential development can be resurrected and deliver much needed housing in Southampton.”