Hong Kong-headqartered developer Far East Consortium (FEC) has acquired an office in London's Canary Wharf district as part of its drive to build a £250 mln (€280 mln) mixed-use development comprising apartments and a hotel in South Quay.
FEC acquired Ensign House in Canary Wharf in February for £28.25 mln, on a 4,572 m2 site on the north side of Marsh Wall. The property sits adjacent to Consort Place, FEC’s 634-residential unit and 231-key hotel development with a targeted completion of 2023.
The site currently comprises an office building with a surface car park which will be demolished and replaced. FEC said that it continues to work with the local authority, London Borough of Tower Hamlets, on the delivery of the scheme.
The historically office-led district South Quay has been the target for an increasing number of residential schemes in recent times, include Landmark Pinnacle, Wardian and Millharbour West.
John Connolly, Head of UK Development at FEC said: 'Ensign House marks a new milestone in our commitment to deliver best-in-class residential homes in the heart of the capital.
'The acquisition will represent the latest instalment in the regeneration of South Quay. FEC is looking forward to working alongside Tower Hamlets to provide affordable homes to locals, transforming the surrounding area into a much-needed quality public realm and a highly desirable place to live.'
