M&G Real Estate has bought the London Fruit & Wool Exchange building in Spitalfields, E1, from Exemplar for £55m.
The existing building is to be demolished and redeveloped by M&G and Exemplar to deliver a 320,000 sq ft scheme designed by Bennetts Associates that will include retail, restaurant and office space.
Demolition of the current property is set to begin in the first quarter of 2015, with completion scheduled in time for the arrival of Crossrail in the first quarter of 2018.
Clive Bush, co-founding director of Exemplar, said: “Having secured planning consent on our site nearly two years ago we have been working to secure vacant possession of the site and to prepare it for redevelopment. Having achieved this we are now delighted to have partnered with M&G Real Estate to see the development through to completion.”
Knight Frank acted for M&G Real Estate; CBRE represented Exemplar.
