A collection of waterfront properties in Southampton next to an area set for imminent redevelopment has been sold for £11 million.

Waterside Place, a set of three standalone office buildings, has been sold to Signature Properties for the eyewatering figure.

The buildings comprise 49,649 square feet and are positioned in Town Quay, where plans have been approved for a five-star hotel, hundreds of flats, restaurants, bars, retail space and an expanded marina.

The hotel will offer 128 bedrooms and 18 serviced apartments, with a spa, restaurants, bars, conference facilities and a helipad on the roof.

A total of 460 flats will be spread across one seven-storey and three 25-storey blocks in the form of 55 one-bed, 372 two-bed and 33 three-bed apartments.

READ MORE: Hotel and homes plan for Town Quay in Southampton approved

When plans were submitted and subsequently approved in March, they did not include any developments at Waterside Place, which was marked as "leaseholder land" in diagrams used in documents.

Planning officers said a key element of the scheme was the introduction of a new boardwalk which would wrap around the marina, providing access to the waterfront.

Waterside Place is home to companies with maritime connections, including EV Cargo and NMT International Shipping, as well as the NHS and the Secretary of State for Levelling Up, Housing and Communities.

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Nick Cashmore, investment director of the RO Group which sold the buildings, said: "We are delighted to confirm the successful sale of Waterside Place in Southampton.

"This transaction reflects our ongoing strategy of unlocking value in our portfolio through opportunistic sales."

Stacey Mahoney, head of commercial property at Signature Properties, said: "We are pleased to have worked with RO on this strategic purchase of Waterside Place which marks a significant milestone for us, aligning with our long-term growth and investment strategy.

"The property offers exceptional opportunities for expansion and value creation, in its prime location with modern facilities and strong potential, making it a perfect fit for our portfolio."