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Telford Homes snaps up former London Electricity Board site for £30m

Residential property developer, Telford Homes, has acquired a ‘significant’ development site from the London Borough of Tower Hamlets in an eight-figure deal.

Announced to the stock exchange this morning, the developer said it had exchanged contracts for the purchase of the former London Electricity Board Building on Cambridge Heath Road for £30.2m.

While Telford have not revealed exact plans for the site, the scheme is likely to include a new open market, affordable homes and some commercial portion, at a cost of around £95m.

Jon Di-Stefano, Chief Executive of Telford Homes, commented: “We are delighted to announce the purchase of such a significant site in Bethnal Green.

“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.

“The site adds to our already strong pipeline of high quality developments and we look forward to securing a planning consent and commencing construction as soon as possible next year.”

Subject to planning consent, the developer homes to begin work in 2018 ahead of a 2021 completion date.

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