Telford Homes has purchased a development site for over £20 million in London.

The site on Carmen Street in Poplar has planning consent for a 22-storey development consisting of 206 new homes and a nursery.

Located close to Langdon Park Station, the company expects to commence work on site in 2016 with works anticipated to be completed in 2019/2020.

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The acquisition is subject to the receipt of outstanding documentation.

Jon Di-Stefano, Chief Executive of Telford Homes, said: "This acquisition represents the first significant benefit of our recent £50 million placing, which provides Telford Homes with additional flexibility to take advantage of competitive market opportunities.

"We are constantly reviewing potential sites and having access to this capital has allowed us to move quickly to secure the Carmen Street site which has the unexpected advantage of an existing planning consent.

"Poplar is an area we know well, where there is strong and proven demand for our homes, and we look forward to commencing this exciting development in 2016."

(LM/CD)