Main works will start this month on the scheme to create 55 one, two, three and four bedroom apartments and a four-storey townhouse.

The luxury development is due to reach completion in 2017.

Designed by PLP Architecture, the 15-storey building is positioned on the corner of Chiltern Street and Paddington Street next to Paddington Street Gardens.

Knight Frank and Savills have been appointed as Joint Selling Agents.

Gerald Ronson, Chairman of Ronson Capital Partners, said: “Following the success of Riverwalk, our scheme in SW1 where over 65% of the apartments have now been sold, we are very pleased to start work on our next central London development.

“Chiltern Place will offer outstanding homes right in the heart of one of London’s most desirable and central locations and we look forward to bringing this exciting project to fruition.”