Regal London has acquired the plot with planning permission already granted for 58 housing units and 26,500 sq ft floorspace for commercial use.
Site work is planned to start in the £65m scheme in Q3 2021 with completion targeted for Q1 2024.
The development will comprise 22 one-bed, 25 two-bed and 11 three-bed flats configured around a central internal courtyard.
The same developer also recently announced its purchase of land near Wembley Stadium for a £270m scheme
The existing Laundry Building was constructed in the 1960s and has direct frontages onto Warburton Road, Mentmore Terrace and Sidworth Street.
London Fields has been subject to gentrification in recent years, with the arrival of artisan bakers, coffee shops and wholefood stores.
This is Regal London’s seventh site in Hackney, and follows the recently completed Shoreditch Exchange development on nearby Hackney Road.
Simon De Friend, joint founder of Regal London, said: “We will continue to acquire strategic sites across the city that support our mixed-use capabilities and capitalise on our expertise in regeneration projects, creating developments in the process that reflect the diversity, vibrance and history of London. Despite the challenges posed by Covid-19, our land acquisition strategy remains constant and our integrated model has proved hugely resilient during this period.”