The development by Phones4U entrepreneur John Caudwell will create 29 residences with completion scheduled for late 2025.

Caudwell’s ambition for Audley Square is to create the finest residential building in Mayfair to be built in recent decades.

The seven storey building has been designed by New York-based architect Robert AM Stern and the façade will be finely crafted with inspiration taken from Mayfair’s heritage.

PJ Carey has been working on the substructure and superstructure under a £60m contract, with specialist EDM also on board to deliver a Portland stone façade with balustrades, ornamental fretwork etched onto the frontage and curved balconies.

Careys has just started construction of the basement slab for the planned concrete frame

Audley Square is the second prime real estate appointment in Mayfair for Mace this year, following the successful award to deliver 38 Berkeley Square, a new prime commercial office building on behalf of developer Astrea last month.

Andy Jones, Managing Director for Major Projects at Mace, said: “Audley Square is a mesmerising residential development.

“Following successive super-prime project completions, Mace has a deep and rounded project and people experience in this niche delivery space.

“We’re confident that our technical expertise and Caudwell’s vision will further enhance Mayfair with this standout collection of residences at Audley Square. We look forward to working with Caudwell and delivering a true once in a lifetime project.