A potential buyer has been found for an incomplete development in Southampton which has sat empty since last year. 

Estate agent Savills says it has found a potential purchaser for the part-built Southern House block of flats at the Meridian Waterside development, next to the River Itchen. 

The building was placed on the market in February with an asking price of £7 million after the house builder, Inland Homes called in administrators. 

But after months of uncertainty over the disused block, Savills has now said it has had a "considerable degree of interest" in the site. 

The Meridian Waterside development in SouthamptonThe Meridian Waterside development in Southampton (Image: NQ)

A spokesperson for the estate agent said: "The administrators from FRP Advisory have identified a potential purchaser and work is progressing towards a transaction in the autumn.

"The part-built development received a considerable degree of interest when presented to the market by Savills in the spring, which bodes well for completion of this important waterside development."

The building is the last of the three new apartment blocks created as part of the development.

It is expected to provide 104 new apartments with one, two or three bedrooms once complete and is advertised as hosting "exceptional views of the River Itchen and beyond".

READ MORE: Incomplete Meridian Waterside flats in Southampton for sale

The regeneration project was thrown into turmoil when Inland Homes appointed administrators on October 17 who found the company had a colossal loss of £292.3m.

In a statement of affairs published in December, administrators also found Inland Homes had a deficit of £1.25m relating to the total assets available to unsecured creditors.

Inland Finance and Inland Lifestyle own the Meridian Waterside site, formerly the home of Meridian TV studios. 

The building sits next to the two other blocks that were previously completed with 152 completed private apartments that have been sold to third parties along with car parking, open space, landscaped podiums, roads and footpaths.

The buyer of the building is expected to complete the development in accordance with the planning permission including the riverside walk bunding for flood defence and a footpath, external landscaping, public art and car parking.