Businessman Michael Le Blocq will be submitting an official claim to the transport authority in the next few weeks on the basis that his land was made virtually worthless by restraints which hung over his properties whilst the tram scheme was still on the cards.
Mr Le Blocq, of L3 Developments in London Road, said: "We had a sale going through for the whole block of shops we own but at the last moment we it had to be scrapped because they obviously didn't want something with a compulsory purchase order on it.
TRAM CLAIM: Michael Le Blocq, left, with his London Road properties
One of the business men at the forefront of the legal campaign, Michael Le Blocq of L3 Developments in London Road, said his company was about to make a sale of buildings worth PS1.
Mr Le Blocq said: "We've had years of CPOs looming over us and consequentially our losses were severe.