Main construction work on the first phase of the mixed-use scheme will start in the New Year and be completed by Autumn 2016.

The project will create up to 500 construction jobs.

The mixed-use scheme will include a 10 screen cinema, up to 20 restaurants and a new public plaza for the city.

The second phase has the potential to include a hotel and residential tower with retail and office space.

The site is next to Hammerson’s jointly owned WestQuay Shopping Centre, which is anchored by John Lewis and Marks & Spencer.

Guy Wells, Hammerson Development Manager, said: “Sir Robert McAlpine is a welcome addition to the WestQuay Watermark team.

“Their extensive experience of delivering high-quality schemes will be fundamental to the timely delivery and quality of the development.”

Mark Williamson, Regional Manager for Sir Robert McAlpine said: “We are delighted to be working alongside Hammerson to deliver this exciting new project for Southampton.”

Councillor Simon Letts, Leader of Southampton City Council, said: “This scheme forms part of our Heart of the City’s VIP project to invigorate the city centre, creating over 500 jobs and providing outstanding leisure facilities for residents and visitors to enjoy.

“This is a vital first phase in linking the city centre to the Waterfront via a world class piece of public open space.”