It lifts Telford Homes’ development pipeline to over £1bn future revenue for the first time in the group’s history.

The three-phase scheme will create a total of 392 new homes in a location only 800m from Canary Wharf and just to the North of the new Crossrail station.

Telford Homes will pay land-owner Workspace £16.3m for the first phase, which will be developed with 120 open market homes, 50 affordable homes, and 8,000sq ft of light industrial space for Workspace.

The development rises to 22 storeys with construction expected to be completed in 2018.

Jon Di-Stefano, Chief Executive of Telford Homes, said: “We are delighted to partner with Workspace on this fantastic opportunity.

“For the group’s development pipeline to be in excess of £1bn is an exceptional milestone and, along with a strong forward sold position, Telford Homes is in an excellent position to deliver substantial growth over the next few years.”