The scheme involves construction of two mixed-use buildings up to 18-storeys high containing 800 apartments, a 120-bed hotel, 230 student rooms, restaurants, bars and leisure facilities.

A source close to the bidding told the Enquirer that the five in the hunt are Carillion, Laing O’Rourke, Sir Robert McAlpine, Lend Lease and Brookfield.

The source added: “McAlpine is favourite for the next phase which is the main power station job but this first phase is mainly resi so it will be a fierce competition and be all about the price.”

Construction work is expected to start this summer.