Selsdon Way Development has bought the Northern & Shell Tower office building in Crossharbour, E14, from SAV Group for an £85m GDV build-to-rent scheme providing 209 homes.
The seller secured planning permission last year for change of use of the 70,000 sq ft office block, which is near Canary Wharf. The consented proposals include adding a storey to the 10-storey building and private balconies for all of the flats.
The development will also provide 3,000 sq ft of communal terrace space across three levels.
Sustainability features include air source heat pumps and solar panels for gas-free, low carbon operation. A biodiversity net gain will be achieved through the provision of another 3,000 sq ft of green roofs, in addition to the planting for the roof terraces.
SAV Group investment director Anton Nikolaenko said the transaction has gotten “over the line despite the challenging market conditions”.
Nikolaenko added: “The deal further represents our expertise in repurposing buildings into highly desirable, low-carbon products that are otherwise not available in the market.”
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