.png)
Telford Homes has exchanged contracts to buy the former London Electricity Board (LEB) building on Cambridge Heath Road from the London Borough of Tower Hamlets for £30.2m.
The 0.94 acre site is just 100 metres from Bethnal Green Underground station.
The expected gross development value of the scheme is approximately £95m. Subject to planning consent, building work should start in 2018 and finish in 2021.
Chief executive Jon Di-Stefano said: "We are delighted to announce the purchase of such a significant site in Bethnal Green. This development fits perfectly with our strategy of developing sites in non-prime London locations where there is a fundamental lack of supply of new homes compared to significant demand from prospective owners and tenants. The site adds to our already strong pipeline of high quality developments and we look forward to securing a planning consent and commencing construction as soon as possible next year."
Got a story? Email news@theconstructionindex.co.uk
