Telford Homes has paid £30m for a development site in East London’s Bethnal Green for a major new residential scheme.
The former London Electricity Board HQ development site is located on Cambridge Heath Road in the Borough of Tower Hamlets.
Jon Di-Stefano, chief executive of Telford Homes, said that subject to planning consent the firm would put contractors to work on site in 2018 with completion anticipated in 2021.
The 0.94 acre site located near Bethnal Green Underground station and the nearby Whitechapel Crossrail station will deliver much needed new open market and affordable homes along with an element of commercial space.
He said the expected gross development value of the scheme would be around £95m.
Di-Stefano said: “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-end developments and we look forward to securing a planning consent and commencing construction as soon as possible next year.”
