A deal has been agreed to begin work on the world’s largest towers built using modular construction.

Investors have agreed a funding deal to start the twin-tower scheme of build-to-rent flats in Croydon, London.

On completion, the 550-apartment residential development at 101 George Street will comprise two towers at 44-storeys and 38-storeys.

Tide Construction has full planning permission and the transaction is expected to close in the first quarter of 2018.

The towers scheme, drawn up by HT Design, will be worth over £150 million and will be a trailblazer for modular construction methods.

Presently, the tallest prefabricated building in the world is a 32-storey block in New York.

Tide is both a development and contracting company, and has delivered several projects in recent years using its off-site manufacturing system, Vision Modular Systems.

101 George Street is the fourth project Greystar and Tide Construction have delivered using this modular construction and, once complete, will bring the total number of units the partnership has delivered in London to 1,700 units.

Christy Hayes, CEO of Tide Construction, said: “The towers of 101 George Street will stand tall as testimony to the potential of modular construction within the UK and beyond.

“Modular construction is highly suited to rental developments as investors and operators can welcome residents into their homes sooner and open the revenue streams earlier.”