The iconic Tolworth Tower has finally been sold - to Kingston property developer CNM Estates.

The 22-storey block went back on the market in July,with an asking price of about £45m, two years after a syndicate led by Simon Cowell’s brother Nicholas dropped plans to buy it.

CNM, the firm behind Tolworth's Red Square development, Surbiton's Plaza II and the impending refurbishment of the old Gala bingo hall in Kingston, sealed the deal at the end of last week and has promised “something stunning” for the area.

Chairman Wahid Samady said: “We have bought it because I care about Tolworth.

“I’m going to do something stunning and brilliant for it.

“We are standing tall and we are developing for the borough.”

Tolworth councillor Vicki Harris said: "I think they will do a good job.

"When I look at Surbiton Plaza, for all intents and purposes they've done a good job there.

"The thing that concerns me with CNM [is] it seems to take so long for anything to get built."

Surrey Comet:

Red Square in Tolworth, one of CNM Estates' completed projects

Council leader Kevin Davis said: "It’s been a mess for such a long time.

“Tolworth Tower is a major regeneration area and I’m ready to work with CNM and shape something that will help revitalise Tolworth.”

Estate agents Knight Frank said at the beginning of the sale period the tower had potential for both residential and office space, as well as shops and leisure facilities along Tolworth Broadway.

Government policy allowing unchallenged conversion of offices to flats expires in May 2016.

Other CNM sites in progress include the former police station in Ewell Road and a planned regeneration near Sutton train station, given the go-ahead next last year.

Further afield, CNM came under fire last month for a lack of movement on the redevelopment of crumbling Birnbeck Pier in Weston-super-Mare, which it agreed to buy in 2011.

CNM lists the project as at the concept design stage, and the BBC reported at the end of September the company is taking advice on a possible solution.

A set of apartments nearby was approved for construction in 2011. CNM's website said the firm began work this July and plans to finish in January 2016.

Surrey Comet: Michael Ross and Wahid Samady from CNM Estates outside the old Regal Cinema

Wahid Samady, right, pictured with CNM Estates director Michael Ross outside the former Gala bingo hall, another company project

Mr Samady added: "This is not a time for negativity. I will be judged on what I do in the future. We are firing on all cylinders."

Surrey Comet: First look at plans for £90m Sutton Point development

An artist's impression of CNM Estates' Sutton Point, a residential, retail and hotel complex in Sutton

It is the second major announcement for Tolworth in a week.

Last Tuesday Tesco revealed plans for 800 new homes on the other side of the A3, including a 23-storey apartment block.

Residents and councillors raised concerns over the redrawn plans, citing potential pressure on infrastructure from so many new people, but some predicted more footfall for Broadway businesses.