The 0.94-acre site on Cambridge Heath Road, Bethal Green was formerly home to the London Electricity Board (LEB).
Telford Homes is now proposing to redevelop the site, creating 'affordable' homes as well as an element of commercial space.
The expected development value of the scheme is around £95m. Subject to planning consent, the company expects to begin works on site in 2018, with completion scheduled for 2021.
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Jon Di-Stefano, Chief Executive of Telford Homes, said: "We are delighted to announce the purchase of such a significant site in Bethnal Green. This development fits perfectly with our strategy of developing sites in non-prime London locations where there is a fundamental lack of supply of new homes compared to significant demand from prospective owners and tenants.
"The site adds to our already strong pipeline of high quality developments and we look forward to securing a planning consent and commencing construction as soon as possible next year."
(LM/MH)
