FirethornTrust and development partner Rockwell Property are to redevelop the Quay House office building in Canary Wharf following a £26 million off-market acquisition.

The 0.47-acre site is located 300 metres from Canary Wharf Underground Station, at South Quay.

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.

-- Advertisement --

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, added: "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."

(CM)