​The nightmare climate engulfing UK retailers on Tuesday forced property giant Hammerson to put on ice its £1.4 billion plans to extend north London’s vast Brent Cross shopping centre.

The plans to enhance the centre — which opened in 1976 and has around 15 million visitors a year — have been in the pipeline for over a decade but have been put on hold by the company, which owns Brent Cross with Standard Life.

The decision comes after an annus horribilis for retailers including the failure of chains like Maplin and Toys’R’Us and desperate moves by players such as House of Fraser to slash their rental bills through so-called creditor voluntary arrangements, hitting landlords in the pocket. Costs have also been rising due to soaring business rates and the national living wage increases.

Hammerson chief executive David Atkins insisted that the scheme was still part of the firm’s plans but the company has baulked at a development cost of up to £550 million in the current climate.

The project had been due to start on site in the summer and complete in 2022, although this is likely to fall back to 2023.

He said: “We think in these turbulent retail times and these question marks around the economy that we just pause for now... It is one of the best loved shopping centres in the UK and we will continue to support it but right now conditions are not optimal for commencing such a major capital commitment. We’ll keep that under review as we go forward.”

He added: “I don’t know what the next six to 12 months is going to hold, whether it is the economy, the retailer landscape, Brexit, whatever, any more than you do so it would be wrong for me to give any firm guide.”

Atkins’s move came as the company’s half-year results bore the scars of the retail turmoil with net rental income down 3% to £178.5 million in the first half of the year.

Although the group’s portfolio is still 97.2% occupied, administrations and CVAs cut profits by £2.1 million in the first half and will cost £5.8 million over the year as a whole.

The company also unveiled a new strategy in response to its collapsed merger with UK rival Intu earlier this year as its rebuff of the French shopping centre behemoth Klépierre.

Hammerson will ditch most of its underperforming edge of town retail parks, as it raises its disposal target to £1.1 billion, to concentrate on its stronger premium outlets.

It has also launched a £300 million share buyback for investors but the shares barely moved today, up 2p at 528p.