Planning permission has already been granted for 120 apartments and six shops, with further planning applications in the pipeline.
residential units and 30,000 square feet of leisure and recreational facilities.
Apartments from the first phase of development will commence building in January 2006 and will be available for occupation early in 2007.
Oakdene chief executive Carl Turpin said: 'We believe this represents the largest project development ever
undertaken in Newhaven. It will make a major contribution to our revenues and
profits and will ensure a strong, highly profitable recurring contribution to
our income streams from 2007 through to at least 2012.'