Former Resolution Property partner Robert Wolstenholme has struck a deal to lead the development of a tech-oriented office campus at East India Dock, E14.
Wolstenholme’s new company, Trilogy Property Advisers, has entered a joint venture with LaSalle Investment Management to buy the £170m site.
Criterion Capital put the site up for sale in January through Savills and Michael Elliott with a price reflecting a 7% yield.
The 6.4-acre site is currently home to four multilet office blocks totalling 593,223 sq ft, of which 170,000 sq ft is vacant. It generates an annual rental income of £12.6m and tenants include Pershing, SunGard and the London borough of Tower Hamlets.
There is a live planning application from Criterion for a 1,357-home residential project on the site, but the purchasers are expected to rework the site as affordable workspace targeting the tech sector.
Wolstenholme has an established track record for reviving unloved buildings in unfashionable areas.
Allsop advised the purchasers.
