Barratt is to build 671 homes on a 3.5-acre (1.4ha) site that it has bought from MWB at Royal Victoria Docks, E16.
Barratt has paid £20m for the site, next to the ExCel Exhibition Centre, which already has planning consent for 671 homes.
MWB has received £12m from Barratt, with the balance to be paid in January 2003.
MWB’s masterplan for the regeneration of the Royal Victoria Docks was approved in July 2001, at which point MWB presold the £35m first phase to French hotel group Accor, in a development agreement under which Accor will build two hotels.
MWB director Joe Shashou said that the Accor and Barratt deals will generate profits of £13.5m for MWB over a two-year period.
MWB owns a 70% interest in the Royal Victoria Docks, with the remainder being owned by the Maccon Group of South Africa and by Sunrise, a Malaysian listed company.
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