The contract for the build of a new luxury apartment complex in Paddington has been awarded to developer Mace.

European Land and Property, which currently owns the site, chose the company for the £100 million contract that will see 159 private and 42 affordable apartments built at the 3 Merchant Square development. Mace will begin work on the construction of the third building within the project, and is expected to complete the scheme by the summer of 2014. It will be one of a host of buildings already constructed within the development which has 1 Merchant Square tower as its flagship.

Both 4 Merchant Square and 5 Merchant Square were constructed in 2010, making Mace's new build the third of its kind which will offer not only residential accommodation but retail space for businesses looking to open in a key location within London. Richard Banks, chief executive of European Land and Property, has already championed the prospective plans for the third part of this major construction, saying that 3 Merchant Square will be focusing on quality and attention to detail that he believes Mace will deliver.

Mr Banks added: "This is the commencement of the final phases of regeneration around Paddington Basin and, when complete in 2014, this building will offer its residents stylish, high quality and practical apartments just moments from Hyde Park, Little Venice and all the amenities of the West End."

The Merchant Square project is ideally situated for retail, offices and residential opportunities with it being placed in the heart of central London and just mere minutes away from the capital's popular West End. The company has also highlighted it close links to Heathrow Airport making it attractive for high end business people who need to conduct international liaisons on a regular basis.

Simon Underwood, Mace director, added: "3 Merchant Square is a first class prime residential and retail project and we look forward to working together with European Land to deliver an industry-leading exemplar scheme to the highest standards."

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