Far East Consortium has acquired a second site in Canary Wharf for a residential-led mixed-use scheme, bringing the total development value to £750m.
The developer has bought Ensign House in Canary Wharf, E14, for £28.25m to deliver a scheme valued at £250m.
The site is located on the north side of Marsh Wall and currently consists of an office building and car park. FEC will work with Tower Hamlets Council to gain consent for new homes as well as public realm.
It builds on the £500m development at Consort Place on the adjacent site, which comprises two towers of 34 and 65 storeys with 634 flats and a 231-bedroom hotel.
John Connolly, head of UK development at FEC, said: “FEC is looking forward to working alongside Tower Hamlets to provide affordable homes to locals, transforming the surrounding area into a much-needed quality public realm and a highly desirable place to live.”
The South Quay has become a hotbed of residential activity, bringing regeneration through replacing old office blocks with at-scale residential schemes. Major developments include LBS and Cubitt’s 49-storey tower of 332 flats and £1bn of development from the Kwok family and Ballymore with 898 homes on the South Quay and a further 615 at nearby Millharbour.
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