The move threatens to delay a substantial programme of housing, commercial buildings and infrastructure across the 53-acre development.

The developer has completed the first phase, but sales of apartments at its 35-storey Founding tower have been slow with only around 30% of the first 186 apartments sold.

Rising construction costs, higher regulatory expenses and weak demand have hit the next phase’s viability.

The pause comes despite a major planning reset approved in March.

British Land and AustralianSuper won permission to increase the height and massing of residential buildings, introduce alternative living uses and give themselves more flexibility over future development plots in response to regulatory changes and worsening viability.

The revised scheme also cut the affordable housing commitment, with 20% required in the next phase and a minimum of 9% across the full masterplan.

At the time British Land said the changes would allow the next phase to start from 2027.

The revised scheme allows round 4,200 homes, 2.5m sq ft of workspace and around 1m sq ft of retail, leisure and cultural space.

British Land and AustralianSuper have declined to comment publicly on the reported pause.

It is the second major London developer to put a scheme on hold in the last week.

Developer Landsec has also pulled the plug on its £1.5bn Lewisham Shopping Centre redevelopment after rising build costs collided with demands from the council’s new administration for more affordable housing.

The consented masterplan covered over 1,700 homes, including 98 social rent and 231 discounted rental homes, alongside 660 student beds, 445 co-living units, retail and a 500-capacity music venue.

But Landsec said the push for a materially higher affordable housing offer, combined with difficult economic conditions, left it without a sufficiently certain route to delivery.