Far East Consortium International Limited has acquired Ensign House in Canary Wharf, London for €33.5m (£28.2m). Located on the north side of Marsh Wall, the 4,572m² site sits adjacent to Consort Place, which is a property development owned by FEC consisting of the 634-residential unit and 231-room hotel development with targeted completion 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 approximately 14 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 and Heathrow Airport. The circa €297.5m (£250m) development will serve an increasing residential demand for housing in the area whilst FEC continues to work with the local authority, London Borough of Tower Hamlets to deliver a scheme which will also deliver high quality, community-focused public space.
Chris Hoong, the Managing Director of FEC, said: “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.”