The construction of a new £76m residential tower on the Greenwich Peninsula has been awarded to Wates by development firm Knight Dragon.

The building has been designed by architects Pilbrow & Partners and will contain 269 apartments in a 32-storey tower with a seven-storey podium at the base and is scheduled to be completed by spring 2017.

This new residential development is an element of the second phase of development of the huge regeneration scheme that’s geared towards delivering 10,000 new residential units on the Greenwich Peninsula. In addition to this development, Wates is also working on a number of other projects in the Greenwich Peninsula, having completed the Greenwich Marketing Hub in September 2014.

Knight Dragon chief executive Richard Margree said: “This is a vital site for London to provide homes for people who want to live and work in the capital. Knight Dragon has invested £500m so far and is committed to delivering a vibrant and viable development. We already have 1,300 homes under construction, with 500 to be completed in the next few months.”