The London Thames Gateway Development Corporation has bought seven land plots in Hackney Wick and Fish Island, east London, from PricewaterhouseCoopers, which is administrator to Paul Kemsley’s Rock Investments.

The £6m acquisition is the development corporation’s first land purchase, and comprises more than 1.64 acres.

It sees this as a ‘vital jigsaw piece’ in the Hackney Wick area’s regeneration ahead of the 2012 Olympics, providing a link between Tesco’s District Centre and plans proposed by Southern and East Thames housing groups to develop the area to the north for a major mixed use residential scheme.

Three are vacant plots to the north and will be used to facilitate access improvement to the station entrance and neighbouring public space.

The other plots neighbour White Post Lane and house Victorian warehouse buildings with some in occupation.  Plans to reorganise the sites and occupations are being worked up.

Previous owner Rock Group bought the site as part of a larger land portfolio at the height of the market for residential development.

Peter Andrews, the development corporation’s chief executive said: “This major strategic purchase is the vital jigsaw piece that will guarantee credible, coherent and comprehensive development of Bromley by Bow, north and south.

“Against a backdrop of frantic land speculation in the past, it is quite simply a phenomenal achievement to be able to deliver a comprehensive development of this kind.

“The progress we are making in the Olympic fringe is gathering pace. We are well past the tipping point with an unstoppable momentum of delivery. Some of the most challenging areas are going to see change and welcome transformation that will all add up to palpable legacy for both existing and new communities.”

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