The investment arm of Morgan Sindall will partner with Southampton City Council, The Crown Estate and Associated British Ports, who jointly own the 60-acre site.

The Royal Pier Waterfront regeneration is situated between the Eastern and Western Docks, adjacent to the main operational areas of the Port of Southampton.

The 20-year scheme could potentially include a major mixed-use development with leisure and tourism, specialist retail, boat facilities and residential and office accommodation.

Councillor Royston Smith, leader of Southampton City Council said: “I am confident MSIL is the right company to bring Southampton’s waterfront back to life.

“The company is financially strong and will bring a large number of vital jobs to the city.

“MSIL has a good track record of focusing on the development of strategic partnerships with local authorities and government institutions through Public Private Partnership arrangements.”

Ernie Battey, executive chairman of MSIL, said: “We are delighted to have been selected as preferred developer for this major waterfront scheme, which is an exciting and vibrant development for the city.

“This mixed-use development has the potential to position Southampton at the forefront of world-class waterfront schemes and MSIL has the experience, knowledge and financial stability that will be crucial to its successful delivery.”

The Royal Pier Waterfront development is a key part of Southampton City Council’s masterplan which is currently being drawn up for public consultation later this year.