Oracle Residential has decontaminated and resold two ink manufacturing works to Ballymore and Barratt at a £16m profit.
Oracle has cleaned up the ‘heavily contaminated’ sites and sold the 5-acre Cow Lane and the 3.5-acre Sunshine Wharf to Barratt and Ballymore respectively for a total £40m.
Cow Lane was remediated as a part of a £1.5m decontamination programme. Oracle then secured planning permission for 22 homes to be built at the site.
Sunshine Wharf in Newham was decontaminated before being sold but does not have any planning consent.
‘The contamination issues have led to this being a challenging instruction, but one with extremely successful results,’ said Charles Holland, head of London development at Jones Lang LaSalle Residential, who advised Oracle.
Jones Lang Lasalle said the deal was in line with the government’s plans for 80% of all 2008 development to be built on brownfield land.