BRITISH WATERWAYS JOINT VENTURE BUYS KEY SITE FOR E14 SCHEME - The Estates Gazette
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A key site has been acquired for the 5m sq ft Wood Wharf development in east London, British Waterways' most valuable asset. BW and joint venture partners Ballymore and Canary Wharf have paid wine importer Bernard Teltscher around 30m for the long leasehold of Lutomer House on Preston's Road, E14.

The 4.3-acre site will be used for most of the scheme's residential component. "Without the long leasehold, the consortium could not do much with Wood Wharf," said a source.

The Wood Wharf Limited Partnership is expected to submit plans for the first phase of residential development in the second half of this year, while it pieces together the commercial site to the west. This will mean doing a deal with Hammerson, which still holds the long leasehold on 1 Harbour Quay.

Hammerson had proposed a 450,000 sq ft tower on its land, but has since put this plan on hold as the council wants to see the masterplan for the area before considering it.

Meanwhile, umbrella maker Fulton has asked for more than 10m for the long leasehold of its 8,000 sq ft Fulton House on Wood Wharf.

Cherryman acted for Wood Wharf LP, and the Drivers Jonas development team for Teltscher.

Edited by Darren Lazarus
(Filed: 12/03/2006)