Praedius has sold the Crown Wharf and Mayer Perry Wharf sites in Canning Town in two separate transactions for an undisclosed price.
It has sold the 4.65-acre Crown Wharf plot to a joint venture between L&G and Goldacre Ventures, which plans to develop a £750m urban hyperscale data centre with development partner sineQN on the site.
Barratt London has acquired the 3.75-acre Mayer Perry Wharf plot with a view to including it in a major mixed-tenure scheme comprising 871 one-, two- and three-bedroom properties and 24,000 sq ft of work, retail and café space across seven buildings ranging from eight to 30 storeys.
Ian Nixon, property director at Praedius, EMR Metal Recycling’s property division, said: “These two transactions represent a significant milestone for the area, and we are proud to have played a role in unlocking the potential of the site.”
Aasia Pathan, agency and development land director at Strettons, which acted for Praedius on the sale, added: “The demand for housing in East London remains strong and this transaction is the latest example of a brownfield site being brought forward for regeneration. Crown Wharf will sit opposite the London City Island, and I have no doubt it will become a sought-after location when complete.”
Neal Matthews, agency land director at Strettons, said: “The data centre scheme represents a Mayer Perry Wharf landmark investment in digital infrastructure, bringing significant economic value and future-focused businesses into Newham. The potential of the data centre to power local homes will be transformational and set a precedent for other similar developments across the country. The sale was the ideal outcome for all parties. I am very pleased that the deals have completed successfully and that planning for both sites has been approved.”
Eversheds Sutherland acted as legal representative for EMR/Praedius and Jigsaw Invest, acting as land agent, represented Barratt London on the sale.
