Tide Construction is set to build two residential towers in south London which are claimed to be the world’s tallest modular buildings.
The contractor has now finalised contracts with the client – a joint venture comprising Greystar Real Estate and European real estate investor Henderson Park.
Planning permission has been granted for the £150m project, which will be constructed using 1,500 modules manufactured in a factory in Bedford.
The units, built and installed by Vision Modular Systems, come with electricity prewired and plumbing, furniture and windows already fitted.
The JV said the use of modular construction would result in “higher quality finish, with 80 per cent less waste, fewer onsite workers and greater certainty on costs and time”.
The project features two towers of 44 and 38 storeys, with work expected to take 24 months to complete.
Tide Construction chief executive Christy Hayes said: “The towers of 101 George Street will stand tall as testimony to the potential of modular construction within the UK and beyond.
“Building high-quality homes faster, and with less disruption to the local area, is of paramount importance in such a fast-evolving area of south London.
“Modular construction is highly suited to rental developments, as investors and operators can welcome residents into their homes sooner and open the revenue streams earlier.”
In April, Tide Construction and Vision Modular systems completed what is said to be Europe’s tallest modular tower: the 29-storey Apex House in Wembley, north London.
The JV is the second between Greystar and Henderson Park in the private rented sector, the two firms have previously worked together on a £140m acquisition of a 172-unit residential portfolio in central London.