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Lot IB9

Barclays Bank Premises – Whitechapel Road Development

Guide price £ 17,500,000

Type of Sale

Sale Type: Off-Market Private Treaty • Tenure: Freehold • Vacant possession secured; sale subject to planning (STP)

Key Features

  • • Corner site: Whitechapel Road & Sydney Street
  • • Freehold vacant with immediate redevelopment potential
  • • Tower Hamlets Policy D.DH6 tall building zone
  • • Vacant former Barclays Bank: c. 7000 sq ft ground floor + c.
  • • Whitechapel Central scheme nearby: up to 26 storeys
  • • Whitechapel Station (District H&C Elizabeth lines & Overground) <6 min walk
  • 14000 sq ft upper floors (subject to measurement)
Property for sale A red-brick building on a city street corner houses a Barclays bank branch. Cyclists and pedestrians pass by, with green construction barriers and traffic lights framing this Whitechapel Road mixed-use development opportunity. Presented by Palace Auctions
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Property for sale A red-brick building on a city street corner houses a Barclays bank branch. Cyclists and pedestrians pass by, with green construction barriers and traffic lights framing this Whitechapel Road mixed-use development opportunity. Presented by Palace Auctions
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Description

  • Key Takeaways:
    • Freehold bank premises at the corner of Whitechapel Road & Sydney Street, E1 1BJ (c. 21,000 sq ft).
    • Guide Price: £17.5 million plus fees (subject to planning).
    Development: 15+ storey mixed-use scheme STP.
    • Viability: Only a commercial-led approach achieves positive ROI (~15%).
    • Planning: Tower Hamlets D.DH6 supports tall buildings; nearby Silk District by L&Q/Mount Anvil reaches 26 storeys.

Detailed Description

The Whitechapel development opportunity at 240 Whitechapel Road presents a rare freehold acquisition of a landmark bank premises primed for high-rise transformation. Encompassing approximately 21,000 sq ft across ground and two upper floors, this site invites an ambitious mixed-use tower of 15 or more storeys, in line with Tower Hamlets’ strategic tall building zones under Policy D.DH6. Furthermore, with Crossrail services at Whitechapel Station just minutes away, the location guarantees exceptional connectivity for future occupiers.

Conversion opportunity

Current market data shows residential values in E1 ranging from £588–£929 per sq ft. Clustering around £788–£860 per sq ft for modern stock. However, detailed financial modelling reveals that solely residential schemes can be uneconomic at the existing land cost. Instead, a commercial-led mixed-use approach—blending office, retail, and a smaller residential allocation—can deliver up to a 15% ROI, with a Gross Development Value (GDV) of c.£67 million against total costs of c.£58.3 million (profit margin 13.1%).

Bank-roi-image
Bank-roi-image

 

 

 

 

Moreover, Whitechapel boasts the largest pipeline of tall buildings in London—over 95 schemes of 20+ storeys—with major regeneration projects such as the Silk District reinforcing demand for high-quality commercial space. Consequently, this off-market site appeals to developers seeking to capitalise on planning policy, unrivalled transport links, and robust commercial demand.
Listing Updated: 02 August 2025, 14:35

Get in touch

Edward Swindells Auctioneer Consultant Auctioneer & Valuer

Location

Former Barclays Bank Premises 240 Whitechapel Road London E1 1BJ

Map

Street View

Income
Income & Development Metrics Scenario Use Mix GDV (£m) Costs (£m) Profit (£m) Margin (%) ROI (%) Residential-Low 58 units 23.7 65.7 -42.0 -177.2 -63.9 Residential-Mid 58 units 30.1 65.9 -35.8 -119.0 -54.3 Residential-High 58 units 34.8 66.0 -31.2 -89.4 -47.2 Optimized A (18F) 68 units 33.7 62.0 -28.3 -83.9 -45.6 Optimized B (25F) 97 units 44.2 74.5 -30.2 -68.3 -40.6 Commercial-Led Mixed-Use 67.1 58.3 8.8 13.1 15.0 Export as CSV Fig. 1: Comprehensive development appraisal comparing viability across scenarios.

EPC

Energy Performance: Exempt (commercial premises)
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