Home > News > Skyscraper News > London > United Kingdom > Greenland Group Purchases Hertsmere Tower Site

Greenland Group Purchases Hertsmere Tower Site

Chinese developer, the Greenland Group, has made its second major acquisition in recent months in London, this time acquiring Hertsmere House near Canary Wharf, the site of the former Columbus Tower.

With that scheme having failed to proceed, a second tall building for the site surfaced late last year, the 74-storey Hertsmere Tower, that if built will reach 242 metres in height. It will contain approximately 700 new apartments plus ground floor retail, and the area around it will have improved landscapng to knit it better into the urban grain of West India Dock which it overlooks.

Now word has been made of just how much money the Greenland Group has paid for the scheme from previous developer, Commercial Estates Group however it is likely to be a good example of how getting a tall building proposed and then not building it can be profitable.

The Greenland Group is a serious developer though with a massive track record in the People's Republic of China making it almost inconceivable that the plot won't see a high-rise building. The end value of the project is expected to be in the region of 600 million putting the average sale price per apartment at approaching 1 million.

This is the second major development that the Greenland Group has purchased in London, the previous one being the Ram Brewery development from Minerva. All it will take is a few more deals like this and the Chinese government could soon be developing more properties in London than the British government.

Article Related buildings:

The Hertsmere

The Hertsmere
Columbus Tower

Columbus Tower
The Hertsmere, London
The Hertsmere, London