Mount Anvil, backed by Area Property Partners, has swooped in to buy Eagle House at 159 City Road, EC1, for £51.5m.
The London residential developer is understood to have exchanged contracts to buy the stalled development from Ireland’s National Asset Management Agency. It comes after talks to sell the site, which has consent for a 27-storey residential tower comprising 300 homes, as well as a supermarket, gym, shops and offices, to Barratt Developments collapsed.
Barratt said it was “not prepared to overpay”. Eagle House was owned by Irish developer McCabe Builders before its circa €200m (£160m) debt, mainly with Anglo Irish, was transferred to Nama.
The development was given the go-ahead in 2006. Nama appointed Cushman & Wakefield to sell the site last summer. Silvertown Properties acted for Mount Anvil.
Annabel.dixon@estatesgazette.com
