August 29, 2014
Danescroft Land, backed by the Palmer Land Opportunity Trust, has bought two adjoining sites for £13m in Bromley-by-Bow, east London, for a major residential-led redevelopment.
The first property, Access House on Imperial Street, comprises 1.1 acres with existing offices and warehouse on the ground and first floors totalling around 10,594 sq ft. It was bought from ACL Holdings.
The second property, Clockhouse, comprises a 1.3-acre site containing a derelict office building, bought from two private individuals.
Bromley-by-Bow South has been identified by the London Legacy Development Corporation as a priority for regeneration and a new local centre, residential and mixed-use development are planned. The site will also benefit from direct access to Bromley-by-Bow tube station and a planned new all-movements junction on the A12.
David Civil, managing director at Danescroft Land, which is backed by Palmer Capital, said: “Our priority is to promote the site through the planning process, but given the relative affordability of housing in the area and the public transport infrastructure, we are looking at the potential for a private rented sector scheme on the site.”
Levy acted for Danescroft Land/Palmer Capital in the acquisitions and CBRE for the vendors.
Author: Property Week