The 100 Avenue Road site above Swiss Cottage tube station was being developed by Essential Living to deliver 184 homes, including a landmark 24-storey tower.

But work stalled at the foundations level due to soaring costs and a dispute with the council over affordable housing provisions.

Regal London said today that it was committed to delivering this long-standing project efficiently and at pace, along the lines of the existing planning consent.

Before work can restart the Camden-based developer will seek amendments to the existing permission, in line with the latest fire safety requirements, the amendments include a second staircase.

A revised construction management plan drawing on Regal London’s extensive experience in delivering complex developments will support the amendments.

Regal London has strong relationships with Camden and has worked on multiple schemes across the borough including the recent submitted proposals for 100 Chalk Farm Road and the recent announcement of their continued partnership with 4C Group on Jamestown Road.

Marc Eden, investment director, said: “As a business with its roots and heritage in Camden, Regal London is committed to bringing to bear our local knowledge and passion to delivering 100 Avenue Road.

“Our reputation is built on delivery, which is particularly important for projects such as this one that have been stalled for a significant period.”

Robbie Myerson, Co-CEO of Essential Living said: “We are pleased to conclude the sale to Regal London and finally see this site delivered. This will allow Essential Living to recycle capital and focus on the growth of its inner London PRS investment strategy.”