Allied Developments, part owned by the boss of the Carphone Warehouse, plans to build the £74m landmark 28-storey apartment block at Admiral’s Quay.

The full scheme consists of three apartment blocs containing 299 homes, connected at ground level, with an elevated terrace and provision for up to eight restaurants.

Council leader Royston Smith said: “This is fantastic news. Ocean village will finally be able to live up to its potential, and combined with the plans for Royal Pier, Southampton’s waterfront will be comparable to any in Europe.e.

Peter Morton from Allied Developments said: “Our development will be finishing off Admiral’s Quay and end the desolate building site surrounded by a hoarding that has blighted Ocean Village for years.

“It will now realise its full potential as an exciting mixed-use development situated on the marina, giving the city a waterfront destination to be proud of.”