Richard Desmond's massive Westferry Printworks development on London's Isle of Dogs has been put up for sale with a price tag of an estimated £1 billion. The enormous project, set to deliver over 1,300 new homes and a range of amenities, including shops, offices, and a secondary school, has been a subject of controversy in the past.
The development's owner, Northern & Shell, has appointed Savills as estate agents to oversee the sale and is already in discussions with potential buyers. The firm confirmed that talks are continuing with interested parties, potentially bringing in joint venture partners to deliver either the consented plans or a revised scheme.
This decision comes on the heels of a recent setback for Northern & Shell, which had its appeal to reduce the affordable housing requirement rejected by Tower Hamlets in April. The company had sought to lower the provision from 35% to 10%, citing concerns over financial viability.
The Westferry development has been mired in controversy since 2020, when it emerged that Desmond had lobbied then-housing secretary Robert Jenrick at a Conservative Party event to approve the scheme. Jenrick's approval of the plans just before a new local community infrastructure levy was due to be implemented saved Northern & Shell tens of millions of pounds in additional taxes.
The sale also coincides with ongoing legal challenges for Desmond, including an appeal against the Gambling Commission's decision not to award the National Lottery operating contract to his firm's gambling subsidiary. The case has seen Desmond ordered to pay around £29 million in legal costs to the Commission and the successful bidder, Allwyn.