A subsidiary of Dubai’s Damac Group has awarded a AED 960 million ($261m) contract to build the 50-storey Aykon London One development in the UK capital, it was announced today.

Nine Elms Property, which is owned by Damac Group, awarded Lendlease’s European construction business the work on what will be one of London’s tallest residential buildings.

The development, situated in the central Nine Elms district on the South Bank of the River Thames, will provide 450 new homes, and feature interiors by Versace Home.

With a total investment worth in excess of AED 3.1 billion, Aykon London One will also offer an allocation of affordable housing, together with office, retail and amenity accommodation across two interlinking towers.

The four-storey office space is located above the affordable residential floors at the top of the south block. This forms a habitable sky bridge between the south building and north tower.

It is part of a wider regeneration scheme that includes the redevelopment of Battersea Power Station, a well-known London landmark, as well as the location of the new US Embassy.

“Aykon London One is a landmark project and our first major international development outside of the Middle East,” said Hussain Sajwani, Chairman of Damac Group.

“We have great confidence in the London marketplace and this project is already proving to be highly desirable to customers and investors from within the UK as well as other parts of the world. We are delighted to be working with a respected partner such as Lendlease.”

Neil Martin, Managing Director of Construction for Lendlease Europe, said: “Our strategy of taking a selective approach to bidding is paying off, and is allowing us to focus on prestigious projects such as this one. We are looking forward to building a strong relationship with the Damac team.”