Docks deal: Nick Leslau splashes out

His Max Property Group bought the marina and five surrounding buildings near the Tower of London with backers from a South African family. He is set to embark on a major refurbishment of one building, Commodity Quay, to attract new occupiers when tenants including Reuters and Dow Jones move out next year, beating a glut of new City office schemes to the market.

He said: "You no longer need to be in the Square Mile in the City. If you can provide Grade A office space in a beautiful location with great communications then tenants are prepared to look elsewhere."

Max Property's purchase price works out at £330 per square foot. At that price, the company only needs to let out the offices for £33 per square foot to achieve a 10% return, Leslau added.

St Katharine Docks came on the market this year when owners F&C Reit and Area Property Partners defaulted on a £170 million loan. The docks, designed by civil engineer Thomas Telford, opened as a busy industrial site more than 180 years ago.