Phase one works are worth £68m and form part of the wider scheme being developed by Nikal, which will see a 15-storey Premier Inn hotel built in phase two.

The residential block comprises 375 build-to-rent apartments that have been pre-sold to landlord Grainger.

Exchange Square 2 is the latest element in the second phase of Nikal’s Masshouse project, a major £350m regeneration plan to redevelop one of the parcels of land created through the removal of Masshouse Circus, the city’s ‘concrete collar’ ring road, in 2002.

Emmett McGinley, Commercial Director at McAleer & Rushe said: “Using our expertise in the residential and BTR sectors, we will be implementing modern methods of construction to complete the tower building, paving the way for the successful and sustainable delivery of the project for all stakeholders involved and much-needed homes in the area.

“We are nearing completion on a high-rise student project at Lancaster Circus in the city and are very pleased to continue our engagement with the local community and provide further employment opportunities as construction progresses,” he added.

The Exchange Square 2 client team includes architect Stephenson Studio, Arup as services engineer and Curtins delivering structural engineering.