Terrace Hill has sold a riverside site in London's Hammersmith for £30.75m to Westcity and Byrne Estates.

The AIM-listed property group bought the property from a private investor in November this year having held an option on the site for the preceding 12 months.

It is thought that Westcity and Byrne Estates will develop high-end residential apartments on the site.

Terrace Hill chief executive Philip Leech said: “We identified Queens Wharf as a site with great potential for redevelopment for a variety of different uses. Having worked with the local authority to maximise value through different planning options we decided to sell the site to specialist high quality residential developers.

"This transaction produces a significant profit for the group and demonstrates our ability to generate exceptional returns, even in a challenging market.”