A developer has announced it has acquired a site that is primed for a new tower of up to 25 floors.
Planning permission has already been granted for the high-rise mixed-use building in Clarendon Road in Watford.
Regal London, which has bought the site that is currently home to Hannay House, says the £150 million plans are for 168 private flats, around 150,000 square ft of office space, a cafe, and a gym.
As a result, Hannay House will be demolished in preparation for what will be Watford's second tallest building.
Plans for a 23-storey building at this location were approved by Watford Borough Council in 2017. The application has since been amended and approved for a building of 25 storeys including flats with one, two, and three bedrooms.
Paul Eden, co-founder of Regal London, said in a statement published on Regal London's website: "This acquisition comes during a particularly active period for Regal London, which has seen us secure new sites and planning permissions across the city that complement our strategic growth ambitions whilst creating substantial social and economic benefits to the surrounding area, including hundreds of jobs.
"We’re looking forward to bringing our mixed-use expertise to a fantastic part of Greater London with this project, supplying 168 new homes and grade A office space at a time when many businesses and workers are reassessing their office needs and increasingly looking to convenient, exciting areas beyond the city centre."
Regal London says it will contribute £2 million towards affordable housing provision with a total planning obligation package totalling more than £4.6 million.
The developer expects up to 380 full time jobs will be supported during the construction phase of the Hertfordshire project and anticipates an additional 1,200 direct jobs through the commercial floorspace and community uses once the development is operational.
During construction, the proposed development is also said to provide around 120 training opportunities on-site through the Regal London Real Estate Academy, in partnership with charity Building Heroes, which provides skilled training to military veterans and members of local disadvantaged groups.
The website adds: "As well as significant social and economic benefits, the development will be highly sustainable, targeting a BREEAM Outstanding certification.
"In line with its Corporate Sustainability Strategy, Regal London will be going beyond the minimum biodiversity net gain requirements through high quality design.
"In addition, the office space is being designed with the health and wellbeing of future employees in mind by targeting Cycling Score, Wired Score and Well Building Standard certification."
Works have started on-site this month with Regal London anticipating new offices opening on the site in spring 2024 with residents moving in from autumn that year.
This will be Watford's second tallest building after permission was granted by Watford Borough Council in 2019 for a 28 storey building on The Range site in St Albans Road.
The Hannay House development will eclipse the 24-storey tower under construction in Ascot Road in the west of the town.
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