Work will now start later this year on the 23-storey mixed-use development which is situated in City Road/East Road high-rise cluster.

Wates Construction provided the pre-construction support and input during the planning stages, although Summix said it was too early to confirm its selected builder.

Designed by architect Flanagan Lawrence with Hurley Palmer Flatt supporting as M&E consultant, the project will consist of an office podium building with 210 bedroom destination hotel above.

Gardiner & Theobald are project managers and Elliott Wood structural engineers.

Summix development manager Barry Rankin, said: “We are extremely pleased to be bringing forward a sustainable mixed-use development in an accessible location that focuses on local employment opportunities, tourism and collaborative working associated with the renowned Tech community in Hackney.”

Summix Capital’s investment, fund partner and executive director Amit Bhatia, said: “We are delighted that our investment in the Hackney area has been welcomed by the Borough and we are pleased that a planning consent in such a central location can provide an opportunity for regeneration and employment growth, fulfilling the ambitions of the Summix Capital vision.”

The new hotel will sit with Atlas House, the Montalm Hotel and Eagle House towers.