The firm will buy the City Road scheme, known as Eagle House, from administrators, who were finally brought in to take control of the landmark residential scheme after developer McCabe failed to refinance the project for the second time.

Corporate recovery specialist PKF has placed building firm McCabe Builders (UK) and development company McCabe Eagle House in administration.

A project source told the Enquirer workers had been told that Mount Anvil, which also has a major tower project just 100m away on City Road, will take over at the end of the month.

Mount Anvil is expected to start work on the topped out concrete frame skeleton immediately.

The Sir Terry Farrell designed scheme fell victim to the 2008 banking crisis and since then struggled to move forward.

In 2010 McCabe managed to finance a refurbishment element of the £70m building project and top out the concrete frame on the main high rise building.

Since then the building has been left untouched for nearly two years.

Mount Anvil is also planning to start work in November on a 36-storey resi tower at 261 City Road, designed by Skidmore, Owings & Merrill Architects.

The £160m Silicon Tower scheme is being built in association with national housing provider Affinity Sutton.

Mount Anvil is due to start work on Silicon Tower later this year