The partners plan to build a big mixed-use scheme on the site, where previous development plans for 850,000 sq ft of offices stalled in the downturn.

The key two acre site at 1 & 2 Aldgate Place, sold by Tishman Speyer, lies next to the underground station, and leaves developers Berkeley and Barratt dominating development in the area with ambitious multi-storey housing plans.

Alastair Baird, regional managing director of Barratt London, said:  “We are delighted to have secured this prime edge of City site which builds on our commitment to deliver high quality developments throughout central London.

“It consolidates our presence in the exciting Aldgate area alongside our 27-storey Altitude development on Alie Street which has already sold 20 units after its recent launch.

“This is our third major JV in London following the 235 unit Alie Street and 375 unit Queenstown Road agreements with London and Quadrant.’’