Galliard Homes, in conjunction with Cain Hoy and ARV Investments, have paid just over £15m for a half-acre (0.23 hectare) site close to the Chiswick roundabout in the London Borough of Hounslow.
They plan to build a large block of flats at the site instead.
Previously ownership of the site was shared with developer London & Bath Estates, which planned to build a £120m office building covered with a 2,650m2 LED shroud to provide a 50-metre high flashing billboard, which it called The London Octopus (pictured below).
Designed by Make Architects, The London Octopus was described by its promoters as “the ultimate worldwide branding vehicle”. It met with local opposition.
Now that control of the site has come fully under residential specialist Galliard plans for a residential-led project on the site are being worked up. Detailed plans to be submitted to Hounslow council this autumn, Galliard said.
Stephen Conway, chairman & chief executive of Galliard Homes said: “We believe that a premium residential-led project on this gateway site in West London will be commercially viable due to the continuing lack of new housing being provided across Greater London. The West London economy has emerged from the recession so these are particularly exciting times for Hounslow and Chiswick. There is an ongoing demand for new homes in the capital and so we are looking at devising plans that will meet local needs and assist with the regeneration that is occurring across the whole area.”