JP Morgan has instructed agents to advise on the sale of Riverside South, E14, one of London’s most sought-after development sites.
GM Real Estate and Knight Frank have been appointed to advise the investment bank on the site, which is expected to come to market early next year.
Riverside South currently has consent for a 2m sq ft office scheme.
However, GM and KF are expected to examine options for a mixed-use scheme that could accommodate as much as 3m sq ft of development including as many as 1,000 homes.
JP Morgan bought the 999-year leasehold interest in the land in late 2008 for £237m and secured planning for a new £1.5bn headquarters it intended to use for its own occupation.
But the bank changed tack following the financial crisis, eventually opting to buy the former headquarters of collapsed rival Lehman Brothers at 25 Bank Street, E14, for £500m from Canary Wharf Group.
That deal, in 2010, retained CWG as development manager for the scheme and also gave it first refusal on the site in the event of a sale.
The latest valuation of the site is around £300m; however, a sale for residential use could command an even higher price, according to a source.
