The Mount Pleasant site in London includes both the Phoenix Place and Calthorpe Street plots, where “significant further investment” by Royal Mail will be required to separate the retained operational site from the development plots.
In March 2015, Royal Mail secured a detailed development planning consent to build 681 residential units at the site, including affordable housing, retail and office space, and public areas.
Planning consent includes separation and enabling works, involving a major civil engineering and construction programme to separate the new residential properties from Royal Mail’s ongoing operations.
Consent has also been secured for the construction of a 0.27-acre office development, which will be marketed at a later date.
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Martin Gafsen, group director of property and facilities solutions at Royal Mail, said: "The sale of our development sites at Mount Pleasant to Taylor Wimpey is a great opportunity for us to contribute to the regeneration of the area around our iconic Mail Centre building.
“This will create more housing, including affordable units, as well as community facilities and more public space.
“It will also help us secure the long-term future of our key central London operational site."
Completion on Phoenix Place is unconditional and is expected in 2017, while Calthorpe Street is subject to the completion of the separation and enabling works and is expected in 2021.
Taylor Wimpey has paid a deposit of £9.5m following the exchange of contracts and the remaining balance will be paid in staged payments with lump sum payments due in 2024.