The City of London Corporation is about to buy Barking Power Station site in east London for around £125 million, according to Property Week.
Beating stiff competition from retailer Amazon, the corporation was chosen as the preferred bidder by vendor Barking Power and is now in advanced negotiations to acquire the 17-ha site, which it intends to use to consolidate the Billingsgate, Smithfield and New Spitalfields food markets into one location.
The three sites could potentially unlock hundreds of millions of pounds for their redevelopment into commercial schemes.
Property management company Glenny has been appointed as a consultant on a new development at an industrial site in Barking.
A new riverside development will launch next month, offering apartments on the Barking waterfront.
Work at a £1 billion development in Dagenham offering new homes and schools will start this spring, after planning permission was given last month.