The London focused residential property developer has paid Ballymore more than £20m for the development site on Carmen Street in Poplar E14.
The site has full detailed planning consent for a 22-storey development, consisting of 206 new homes and a nursery. Ballymore, also responsible for Old Spitalfields Market, was granted planning permission by Tower Hamlets Council for the mixed-use plan in 2013.
The development is close to Langdon Park Station. Telford Homes said that it expects to start work on site in 2016 with completions anticipated in 2019 and 2020, generating £80m of revenue.
Chief executive Jon Di-Stefano said: "This acquisition represents the first significant benefit of our recent £50m placing, which provides Telford Homes with additional flexibility to take advantage of competitive market opportunities. We are constantly reviewing potential sites and having access to this capital has allowed us to move quickly to secure the Carmen Street site which has the unexpected advantage of an existing planning consent. Poplar is an area we know well, where there is strong and proven demand for our homes, and we look forward to commencing this exciting development in 2016.”