Galliard Homes has bought full ownership of the site of the proposed London Octopus tower for more than £15m in conjunction with Cain Hoy and ARV investments.
The 0.5-acre site near Chiswick Roundabout was sold by Galliard and London & Bath Estates.
Under past plans led by London & Bath, the site was intended to house a £120m, 160 ft office tower covered with advertising billboards, known as the London Octopus, which would have created the largest electronic billboard in the UK.
Galliard are now looking to create a residential-led project on the site with plans to be submitted to Hounslow council this autumn.
Stephen Conway, chairman and chief executive of Galliard Homes, said: “We believe that a premium residential-led project on this gateway site in west London will be commercially viable due to the continuing lack of new housing being provided across greater London.
“There is an ongoing demand for new homes in the capital and so we are looking at devising plans that will meet local needs and assist with the regeneration that is occurring across the whole area.”
