Almost £3bn of global capital is chasing a 1,500-home development opportunity at East India Dock that is being sold by Criterion Capital.
The five-building campus is being sold through Michael Elliot and Savills for £170m, reflecting a 7% yield.
Around 30 investors have inspected the site. Roughly one-third of the parties are from North America and one-third are from Europe.
US heavyweights including Blackstone, KKR, Kennedy Wilson, Westbrook, Brookfield, Hines and Angelo Gordon have all conducted full inspections, while major Asian investors including Mitsubishi Estates, Gaw Capital Partners and Temasek have also expressed an interest.
The diverse range of bidders reflects the site’s potential for either residential- or office-led redevelopment and the depth of demand for London property.
Criterion’s pre-application discussions with Tower Hamlets and the Greater London Authority have focused on building 1,359 private rented sector homes and 41,473 sq ft of commercial space.
The project would cover 1.3m sq ft across four towers, with the first phase including 455 homes and 15,000 sq ft of commercial space.
Formal bids are expected to be invited after MIPIM, which takes place in Cannes next week.
