The work has been on hold since plans were first revealed in May 2012.

But British Land has now bought out its joint venture partner Tesco’s stake in the 300,000 sq ft shopping centre for £48m.

The developer will now submit revised plans for a £38m upgrade which will include a 100,000 sq ft extension, the extensive refurbishment of the existing centre along with improvements to public spaces and connections to Surrey Quays and Canada Water tube and bus stations.

Charles Maudsley, Head of Retail at British Land said: “We intend to create a modern retail environment to attract the growing, affluent local catchment.

“We are aiming to take the scheme beyond its current functional shop by broadening the tenant mix and introducing larger retail units alongside a more attractive food offer.  All this should increase overall spend.”

The centre is anchored by a 115,000 sq ft Tesco Extra with key retailers including Bhs, River Island, New Look, JD, Boots, Burton and Dorothy Perkins.

British Land has also taken control of the 14.57 acre former Daily Mail printing works site in Harmsworth Quays, south east London.

The developer will now start working with Southwark Council to create a mixed-use scheme once the Mail moves its printing operations out to Thurock later this year.

Nigel Webb, Head of Development for British Land, said: “We are delighted that the London Borough of Southwark has agreed the assignment for Harmsworth Quays.

“We can now begin the process of working with the local community, the London Borough of Southwark and other key stakeholders to bring forward a new, mixed use development in the heart of Canada Water.”