Two city companies last night announced a joint venture to develop their respective properties.

HWP and Waterfront Properties have entered into an agreement that will see them both move to different facilities more suited to their needs.

HWP will buy a property on St. John's Road and sell its own site on Serpentine Road, which is currently occupied by Opel and Mitsubishi as a car showroom, to Waterfront Properties.

President of HWP Jonathan Brewin said the move to St. John's Road followed a customer survey which showed people wanted to see a more consolidated centre of operations. It is estimated that the site will be completed by the end of the year.

And president of Pearman Watlington, which owns Waterfront Properties, Will Cox said the company was looking for a new location for its Marine Centre.

He said it was intended that a custom-built facility would be provided on the Serpentine Road site for its marine sales and service department. It is set to be ready for September this year.