The developer highlighted a different stage in its cycle as it unveiled a surge in pre-tax profit to £1.1bn for the year to March 31 2014 from £533m last time.

Land Securities is reaping the rewards of speculative building during the downturn with schemes like the “Walkie Talkie” on Fenchurch Street delivering a valuation surplus of £137m for the firm.

But the construction and development market is hotting-up leading to price rises and a different approach by the firm.

Chief executive Robert Noel said: “We will remain very busy in London as we press ahead with construction and de-risk the portfolio.

“We are confident about the prospects for our committed schemes.

“We also recognise that the risk profile of future speculative development is changing as competition for sites has increased, construction costs are rising, and development activity is set to pick up.

“As a result, any new development commitments in the near term are likely to require pre-lettings.”