James Latham has sold its site in Clapton, Hackney, E8, to Countryside Properties for an initial consideration of £7m.
Further payments for the empty site will be received by December 2007.
Latham said the minimum value agreed reflected the current planning permission and would produce a £15.7m profit on the disposal of the site.
Countryside Properties first showed interest in the site in 2001 when it submitted a planning application to build a £50m mixed-use scheme on the land.
It wants to build around 600 homes on the site as well as 97,000 sq ft of business units, a doctor’s surgery, riverside bar and café and a general store.
References: EGi News 10/12/04
