Telford Homes has exchanged contracts to buy the former London Electricity Board Building on Cambridge Heath Road, E2, from the London Borough of Tower Hamlets for £30.2m.
Telford intends to build a £95m residential-led mixed-use scheme on the 0.9-acre site next to Bethnal Green Underground Station.
Subject to the planning, it expects to start in 2018, with completion anticipated in 2021.
Telford Homes chief executive Jon Di-Stefano said: “This development fits perfectly with our strategy of developing sites in non-prime London locations where there is a fundamental lack of supply of new homes compared to significant demand from prospective owners and tenants.”
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