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The property giant IJM Land in partnership with Treble Eight Group aims to build up to 580 homes at the site as well a 180-room apart-hotel, providing self-catering apartments as well as ordinary hotel facilities.
Proposed leisure facilities include repurposing the famous silos into a sky bar and restaurant.
The plans come just over 12 months after IJM bought the site out of receivership.
Previous plans to redevelop the Wheat Quarter site stalled after gaining planning for over 800 homes.
Developer IJM has been seeking to build its presence in London and the south east and took a 50% stake in contractor JRL earlier this year to give it in-house construction capability.
The deal refinanced JRL, strengthening its balance sheet and improving liquidity following heavy losses in the last two years.
Last year, IJM struck another joint venture deal with Network Rail Property paving the way to develop eight sites in London. Its Network Rail JV, known as Innova, aims to build 1,600 new homes, with a gross development value of more than £3bn.
