The freehold ownership of the whole of Southampton's Ocean Village has changed hands in a multi-million pound property deal.

Marina Developments Limited, (MDL) based at Hythe, has acquired the waterfront site from Associated British Ports (ABP), owners and operators of Southampton Docks.

The acquisition could eventually signal a new push to promote Ocean Village as the stage for major events in the city.

Under the deal MDL has bought only the freehold of the 59 acres that make up Ocean Village, including 16 acres of water used as the marina, but it does not include any of the property on the site.

The sale is part of a sell-off package by ABP which also includes Queensgate North, a 1.3 hectare freehold site on its Cardiff Bay estate in Wales, with outline planning permission for a high-density residential scheme, which has been bought by Alfred McAlpine Homes Holdings Limited.

Together, the two separate sales have netted ABP, which runs 23 ports around the UK, a total of £7.7 million.

The disposal of the freehold at Ocean Village by ABP is a further extension of its programme of getting rid of non-core assets which has also seen the sale of the long-established Southampton to Isle of Wight ferry operator, Red Funnel, to American bankers JP Morgan last month.

MDL, which already had a large stake in Ocean Village, was previously behind the development of the Royal Southampton Yacht Club site, the nearby marina and some of the residential property.

For some time now MDL, one of the country's leading marina groups with 18 locations around Great Britain, has had Ocean Village in its sights, and the deal could open up new prospects for the complex.

A spokesman for MDL said: "At this early stage we have absolutely no detailed plans to make any changes as a result of the acquisition, but we are keen to see Ocean Village used as a venue for major events.''

In recent years Ocean Village has built up a reputation as the departure and arrival point for major round-the-world yacht races and other marine exhibitions and displays.

The BT Challenge race attracted visitors to the marina, and there have also been many other prestigious yachting and boating events.

A mixed retail, residential and office development, Ocean Village has had a checkered history since it was planned.

Ocean Village is one of the city's most prestigious addresses for office developments and the bars and restaurants that overlook the marina are some of the most popular in Southampton.

Film fans are attracted to Ocean Village by the multiplex cinema and the close by screens at Harbour Lights but there have always been concerns about the commercial success of the shops in Canute Pavilion.

Commenting on the two transactions, Bo Lerenius, ABPH Group Chief Executive, said: "Our programme of realising value through the disposal of non-core assets continues, as these latest sales demonstrate."