Designed by architects Holmes Miller, Park Quadrant will complete the vision of the architect Charles Wilson’s concentric ringed design of a 19th century masterplan of the area. Building will complete in 2020 and will support up to 500 construction jobs.

Nick Robinson of Expresso Property said: “In conjunction with our development partners, we are pleased to announce that on-site works have now commenced for the highly sought-after Park Quadrant Residences. Being on site with construction underway underlines our commitment and confidence to deliver the development that will complete ‘the missing piece’ of Charles Wilson’s original Park Area masterplan.”

Stephen Hampshire of Expresso Property added: “We are delighted to announce today that the Park Quadrant development will support up to 500 construction jobs during the construction phase and will have a total end investment value of £53m.

“Expresso is funded to purchase schemes from £1m to £50m and we are actively looking to acquire further commercial, office, residential and retail development propositions. These may be currently on the market or direct approaches from company principals wishing to explore their thoughts and ideas.”

As well as Park Quadrant, York-based Expresso is investing in Perth’s new Mill Quarter leisure hub and a new mixed-use site at Glasgow’s Pacific Quay.