Balfour Beatty has won a £150 million contract to build a new residential tower in London.

The contractor will develop the 53-storey 'The Madison Tower' featuring 423 apartments, a residents' lounge and business facilities at Canary Wharf.

Balfour Beatty signed a £1m pre-construction services agreement with LBS Properties in 2016.

Piling works and basement excavation works are now underway. Main construction is expected to be complete in 2020.

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Dean Banks, Managing Director of Balfour Beatty's UK Construction Services business, said: "Following a successful partnership with LBS Properties during the pre-construction phase, we're delighted to have been appointed to deliver full construction of this iconic structure. Our in-depth knowledge and expertise will ensure that we can efficiently and effectively, deliver this complex building and further support the on-going transformation of the local area."

Nick Crawford, Director at LBS Properties, added: "Balfour Beatty has impressed us since the initial pre-construction services contract was awarded and we now look forward to working together to see the project through to completion."

(LM/MH)