Tide Construction has acquired a site in the Isle of Dogs, which was earmarked for a 50-storey hotel, out of receivership.
The developer has bought the site at 30 Marsh Wall, E14, from receivers for £26.7m, backed by lenders ICG-Longbow.
Receivers Kevin Mersh and Matthew Nagle at Savills were appointed to 30 Marsh Wall last August, when owner Orca Finance went into liquidation.
Ramesh Philippe Dusoruth, director of Orca Finance, was arrested last July by Interpol on charges relating to fraudulent inducement to invest, furnishing false or misleading information and removal of criminal property.
Dusoruth had previously failed to attend a court hearing to face allegations involving the misuse of several million dollars of investors’ money. He was subsequently arrested in the Netherlands and a petition to wind up the company was filed.
Orca had previously submitted an EIA to Tower Hamlets for a 50-storey 650-bedroom hotel on the site, in an application filed by planners at CBRE.
It followed various attempts at a residential scheme, with varying plans over the last decade for high density schemes of up to 57 storeys in height.
Tide is known for its high rise residential developments built using modular construction techniques. Last week it got the go ahead for a 49-storey co-living scheme in Croydon, which is set to be the world’s tallest modular tower.
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