David Atkins, managing director of Hammerson UK, said Watermark’s small size compared to other Hammerson developments meant it was likely to be among the front runners of developments to get the green light when conditions did and that gives us far more confidence. I don’t want people to think that this scheme won’t happen. This is not a shelving of the scheme at all.”

Councillor Royston Smith, Cabinet member for economic development, said: “ We always looked at Hammerson as being the beacon and the last thing we need is for that to fail, but that is not the announcement.

“I am optimistic that as we go through the stages of planning and the environmental processes then the upturn will be sufficient for Hammerson to be back on site with the minimum of delay.”

“It makes it more likely to go ahead,” he said. “I still believe that this will be one of the first schemes out of the blocks when we come out of the environment we are in today.

“This is not like a scheme on a brownfield site. It is an extension and we can see the success of the existing centre