TT Group sells East London development site to Dominus Advisory for £8.2m
TT Group is pleased to announce the sale of a residential development site in the London Borough of Tower Hamlets for £8.2m to Dominus Advisory.
More than 80 new homes have been earmarked for the 0.52-acre site on Dod Street in Limehouse, which was formerly occupied by the Department for Work and Pensions (DWP).
In December 2020, TT Group secured unanimous approval from Tower Hamlets for plans to replace the existing outdated office block with a residential development of 84 new homes, including 10 shared ownership and 17 affordable rent units.
The existing scheme proposes the transformation of the riverside site to provide much needed new housing in an increasingly popular residential area. The plans comprise an 8-storey block fronting the Limehouse Cut canal, a 6-story block fronting Dod Street and a 4-storey connecting block, to house the new homes, which will benefit from excellent connections to Canary Wharf and the City via the nearby Westferry DLR Station.
Murray Burdis, Associate Director of Planning & Disposals at TT Group, said: “This agreement with Dominus will hasten the delivery of much needed new homes for new and existing residents in this part of East London. We look forward to this area of Limehouse being brought back to life and into viable and sustainable use for what is already a well-established community.”
Sean Cooper, Director of Savills’ London Development team who marketed the site, said: “The proposed scheme is well designed, and the site is in an attractive location. The opportunity was really well received by the market, and we had significant interest, demonstrating the resilience of the residential development market in London.”
Working alone or in joint venture partnerships, TT Group aims to bring over 2,000 residential units to market over the next five years, across the UK. Recent residential schemes in London include the recently completed Irene Studios in Balham and 127 West Ealing, as well as its proposed redevelopments of the former Shepherd’s Bush and Tooting Police Stations, as well as Ravenscourt Park Hospital in Hammersmith, West London.