A joint venture between Max Property Group and Newmarket Property Holdings confirmed the deal today for the freehold of  500,000 sq ft of offices, restaurants and shops and Central London’s only marina.

Max Property is now planning a rolling refurbishment programme to boost current annual rents of £12.6m.

The first improvement contract will be let on the 130,000 sq ft Commodity Quay office complex which falls vacant next year.

Max said this provides “an opportunity for a comprehensive refurbishment scheme, to be launched into the lettings market in 2013.”

Nick Leslau, Chairman of Prestbury Investments, Max’s property manager said: “St Katharine Docks is one of London’s jewels, providing a stunning waterside environment, enhanced by the magnificent backdrop of Tower Bridge and the Tower of London.

“It is difficult to imagine a more beautiful place to work and live in Central London and it will be our privilege to enhance the experience of such an important landmark, whilst simultaneously delivering attractive returns for our shareholders.”