In London, the developer said it is now on track to sign a contract for the £2bn New Covent Garden regeneration project in Nine Elms by the end of the year where it is preferred bidder with Vinci.

Also St Modwen confirmed it was hunting for a development partner for the £500m Elephant and Castle shopping centre regeneration in south London.

Plans for 450,000 sq ft of retail and leisure space and up to 1,000 homes will now be submitted late next year.

In a trading statement this morning, St Modwen also confirmed a construction start next year of the £200m Swansea new science and innovation campus where it hopes to sign a development agreement early in 2013.

Its joint venture with house builder Persimmon is now active on six of its eight planned sites, the most recent at the former Vulcan Works in St Helens, where it plans an 18,000 sq ft food store and 282 homes

Work is due to start on the next phases of homes at Park View, Longbridge and at Locking Parklands, Weston-super-Mare, after the first phases sold out.