Work is expected to get underway after developer CIT Group secured £250m from a consortium of Middle Eastern investors to kickstart its 30-storey Kings Reach Tower scheme.

The complex job will see Mace oversee the refurbishment, recladding and extension of the main tower by an additional six storeys.

A series of extensions will be added to the T-shaped podium buildings to create extra retail space and a top class gym and pool.

The project will house  around 173 luxury flats and 370,000 sq ft of office space.

Mace has been on board as a preconstruction advisor for several months and is expected to sign a contract shortly.

CIT managing director of development George Kyriacou said: “This development represents a major step in the regeneration of the South Bank. We are delighted to have worked with funders from the Middle East to get this project to the point where we are ready to start on site.”

Jadwa managing director Ahmed Al-Khateeb added: “Acquiring Kings Reach Tower back in 2010 and developing the tower demonstrates our belief in the London real estate market and in the investment opportunity it represents to us.”

The developers will begin selling the flats next year and it is anticipated the project will be complete by the end of 2015.

CIT and its joint venture partner Jadwa Investment secured planning permission for the Kohn Pedersen Fox-designed scheme from Southwark council last year.