Joint venture aquires two acre site next to Aldgate East tube station

Housebuilder Barratt has joined forces with British Land to develop a new residential scheme on the edge of the City of London.

The firm announced today that a joint venture between it and British Land had exchanged conditional contracts to purchase a two acre site at 1 & 2 Aldgate Place, adjacent to Aldgate East tube station, from US developer Tishman Speyer.

The site has planning consent for 850,000ft2 of offices.  The purchase is conditional on securing a revised planning consent for a residential led mixed-use development.

Alastair Baird, regional managing director of Barratt London, said:  “We are delighted to have secured this prime edge of City site which builds on our commitment to deliver high quality developments throughout central London.  

“It consolidates our presence in the exciting Aldgate area alongside our 27-storey Altitude development on Alie Street which has already sold 20 units after its recent launch. 

“This is our third major JV in London following the 235 unit Alie Street and 375 unit Queenstown Road agreements with London and Quadrant.’’

Head of development at British Land, Nigel Webb, called the site “highly attractive”.

“We believe our combined skills in delivering large scale mixed use schemes will enable us to unlock significant value from the site,” he added.

UK managing director of Tishman Speyer Julian Stocks said: “This location is perfect for a residential scheme and we are delighted to have agreed a conditional sale. Our focus remains on building our office portfolio in London following the recent acquisition in January of Eland House, Victoria”.