The City of London Corporation has acquired Barking Power Station in east London.
It is understood that ATCO Power Generation has sold the 42-acre site to the corporation for more than £125m, following a competitive bidding process.
Mark Trowell, partner at Gerald Eve, said: “The strategic location of the power station made for a highly competitive sales process, but the corporation’s winning bid was a compelling one.
“Having advised on the site for some time, it is particularly pleasing to oversee a sale that will shape the face of this corner of London for years to come.”
The deal comes as the corporation searches for space to relocate central London markets to. It is is looking to consolidate and relocate Billingsgate, New Spitalfields and Smithfield markets after appointing Lambert Smith Hampton in August to undertake a search for a site of up to 100 acres.
As part of its search for a new site for the markets, it has said it would also consider proposals of a small number of sites adding up to 100 acres in close proximity that could be operated together.
The power station was built in the early 1990s and owner Barking Power announced it was to close in 2014. Demolition began this year.
Gerald Eve represented ATCO; Lambert Smith Hampton advised the City of London Corporation.
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