Bannertown and US investor Apollo Real Estate Advisors have been chosen to draw up a redevelopment plan for the port in Sussex.

It was announced today that the two companies were chosen ahead of two other undisclosed parties, by the port’s controlling stakeholder, the Seine Maritime department council. The two companies have been given a mandate to deliver an acceptable redevelopment plan within four weeks.

If the plan is approved, Seine Maritime’s majority-controlled company behind Newhaven Port and Properties (NPP) can sell the public-private company and its assets. Although no figures have been divulged, it is thought a sale could fetch as much as £50m.

As part of the deal Bannertown and Apollo would have to preserve exclusive access to the port from Dieppe-Newhaven ferry operator Transmanche Ferries.

The redevelopment would include a new ferry terminal.

The Seine Maritime council which owns 80% in NPP bought the port from Sea Containers in 2001 for £15m, alongside shipping company James Fisher (19%) and other investors (1%).