The 2.2-acre site in Greenwich town centre has been bought for £16m, enabling the development of The Movement, a 350,000 sq ft mixed-use regeneration scheme, to commence.

At the same time it has completed land deals with Willmott Dixon to build the residential quarter of the scheme and exchange contracts with contractor McLaren to build a student block on the site.

Construction work will also be carried-out by Willmott Dixon on the Residential Quarter consisting of 181 homes.

The overall scheme will include a student village, Travelodge hotel, additional 27 room boutique hotel, health, fitness and retail accommodation and a children’s nursery.

McLaren will deliver a 358-bed ‘student village’ with the land deal due to complete in August.

Development Securities entered into a joint venture with Cathedral Group in September 2010 to regenerate the derelict industrial site into a high quality mixed-use development.

The partnership will commence enabling and infrastructure works immediately to prepare the site for development.

The hotel element has been pre-leased to Travelodge and negotiations are in hand regarding its long-term institutional funding.

The final and smallest stage of the regeneration scheme is for a 25,000 sq ft of mixed-use leisure and retail space.

Michael Marx, Chief Executive, Development Securities: “This is a good example of the successful implementation of our strategy to create value by repositioning secondary or tertiary real estate into prime or near-prime development via the process of regeneration.”