FIRETHORNTRUST AND ROCKWELL PROPERTY ANNOUNCE £26M EAST LONDON ACQUISITION
FirethornTrust and development partner Rockwell Property have announced the off-market acquisition of Quay House, at South Quay in Canary Wharf, for £26 million.
The 0.47-acre site is currently home to a 1,870 sq m office building and is located 300 metres from Canary Wharf Underground Station, in a prime waterfront position at the heart of London’s financial district.
This is FirethornTrust’s first deal after officially launching in September with backing from two US family offices. The Stephens and Van Tuyl family offices will invest an initial £200m in UK real estate with further equity commitments to follow. For Rockwell, Quay House represents its fifth major project in London with a combined development value of over £2bn. This acquisition marks the first partnership between the two companies.
Together, FirethornTrust and Rockwell Property will now explore options to maximise the potential of the site.
Donal Mulryan, Founder of Rockwell Property said, “This is an important acquisition for Rockwell as we look to expand our development capabilities in London. This site provides a fantastic opportunity to deliver an inspiring development that complements some of the excellent schemes in the surrounding area. Like Rockwell, FirethornTrust has a talented and ambitious team with a vision for inspiring and world-class development making this partnership incredibly exciting.”
Peter Mather, Partner at Firethorn Trust, said: “South Quay is a highly desirable part of London and is a perfect first acquisition for FirethornTrust as we look to build a long-term and diverse portfolio. Having worked closely with Rockwell to finalise the purchase of the site we are excited to move forward with our partnership to make the most of this site’s fantastic location and potential.”