Hong Kong Stock Exchange-listed company Far East Consortium International Limited (FEC) has acquired Ensign House, an office property in Canary Wharf, London for £28,250,000.
The property is located on the north side of Marsh Wall, the 4,572 square metre site sits adjacent to Consort Place in Canary Wharf. FEC plans to build a mixed-use property which will comprise 634-residential unit and a 231-room hotel.The £250m mixed-use project is expected to complete in 2023.
The site currently comprises an office building with a surface car park which will be demolished and replaced with a residentially-led mixed use development.
Ensign House benefits from excellent connectivity, located at an approximate 5-minute walk from Canary Wharf itself and Canary Wharf Station, from which is currently approximately14 minutes into Bond Street by rail. The Elizabeth Line (Crossrail) is due to open in 2020 and will improve connectivity further with Liverpool Street Station of approximately 7 minutes away and Heathrow Airport an approximate 39-minute journey.
The circa £250m development will serve an increasing residential demand for housing in the area whilst FEC continues to work with local authority, London Borough of Tower Hamlets to deliver a scheme which will also deliver high quality, community-focussed public space.
“We are very delighted with this acquisition which will significantly strengthen FEC’s development presence in Canary Wharf. Residential demand in South Quay is thriving and we’re looking forward to continuing to work with Tower Hamlets to deliver a highly desirable place to live,” said Chris Hoong, the Managing Director of FEC.