Michael Wood, director of Portsmouth property surveyors Garner Wood, said: 'Falling residental value has meant residential schemes are much harder to make work in the current climate.

'Maybe there are elements that are just too expensive, or they're trying to consolidate it as a retail destination – maybe they had an inquiry from a specific retailer who wants a large space there.'

Mr Wood believes Councillor Vernon-Jackson could be right in his prediction that the plans might come under the scrutiny of ministers in a public inquiry.

'But the retail side is far less likely to get past all of the planning requirements, because there'll be impact studies carried out which will likely say they're not needed,' Mr Brown said.

'There's a big city centre development planned, so how much new retail could it introduce without it having an impact somewhere else?

'I would've thought from a retail point of view it's not that strong, because you've got to go out of your way, unless you're going to a football match.'

Roger Sherliker, the former chairman of Portsmouth Property Association, agreed that retail may not be the answer to Pompey's prayers.

He said: 'It is questionable how well a retail development out at that stadium would do.

'The market conditions for property may not be the best now.

'But when the stadium is built in three to five years the market for quality apartments on the waterfront could well be there again.'