The National Asset Management Agency has sold over 100 apartments next door to London’s Olympic Park for less than £150,000 (€181,544) each.
The building, which also includes 12,000 sq ft of retail and office space, has been bought for £15.7 million by UK property firm Development Securities and Canadian developers Realstar.
The vacant but recently completed Hackney Wick building will be let out to tenants subsequently, according to Development Securities, which said it had “tremendous potential”.
Realstar has a record in Canada of developing major rental apartment blocks.
The site overlooks the Olympic stadium and is close to new transport links at Stratford, which is expected to be one of the fastest-growing parts of London after the games are over.
The building was developed by Silverpeak, a company with a sole director, Frank Silver, although no other background on its passage on to NAMA’s foreclosure list is currently available.
The deal has been funded by Royal Bank of Scotland.
NAMA has previously made clear that it intends to sell much of its portfolio of properties in London by the end of next year.