Oracle's £32m Isle of Dogs Coup
Oracle Group has sold a pub site on the Isle of Dogs to Irish residential developer Glenkerrin for £32m.
The developer, run by David Burke, has sold the 0.6 acre London Docklands site, which houses the City Pride pub, for £32m, which is nearly five times more than the £6.75m Oracle paid for it 12 months ago.
Oracle has already started negotiations with the local planning authority over securing permission for a 50-storey residential tower at the site with an end value of £240m.
Glenkerrin was attracted to the site because of its proximity to its other residential development, the Forge.
The sale means Oracle now has a £80m equity war chest, which it hopes to be able to gear up to invest in further development opportunities.
Oracle has added value to the site by negotiating a surrender of pub tenant Glendola Leisure’s lease.