John Sisk is believed to be lined-up as main contractor on the job which will contain 25 low energy homes and 4,500 sq ft of office and retail/studio space

John Long, development director at Igloo, said: “Four Hundred Caledonian Road is a site of great architectural importance.

“We recognise the context of The Cally, the value of its restoration to local people, and the opportunity we have been given to breathe new life back in to this stretch of a historic and bustling London street.

“Our scheme will see a new community of people living and working here, and in turn playing their own role in the wider, existing community.”

Construction work is due to start shortly, and the site is due to complete in September 2014.