The contractor’s investment arm will form a joint venture public private partnership to deliver an ambitious regeneration scheme over the next 20 years.

The council estimates the development value of its plans ranges from £350m up to £500m.

Morgan Sindall will provide a full range of development services to the Local Asset Backed Vehicle partnership.

Its expertise will be used for anything from long-term master planning and detailed site development through to property management and construction.

Bournemouth council has earmarked several parcels of land to invest into the partnership and these will be matched in cash value by Morgan Sindall.

The firm will now work up an initial three-year business plan to confirm which sites could be tackled first and to establish what form the initial developments could take.

Cash generated from the partnership will be ploughed back into improving the town’s infrastucture and public spaces.

Paul Smith, chief executive of Morgan Sindall Group, said: “We are delighted to be named preferred bidder on the Bournemouth Town Centre Master Vision and look forward to developing our relationship with Bournemouth Borough Council throughout the scheme’s life-cycle.

“This further expands Morgan Sindall Investments’ growing portfolio of projects and enhances our reputation to deliver projects that require integrated investment and construction capabilities.”

Crest Nicholson/Trevor Osborne Property Group, Barratt and Buoygues were among other developers to initially showed interest Local Asset Backed Vehicle.

Another south coast holiday town Torquay is currently inviting interest from developers for a similar regeneration approach.