A 1.5-acre former BT depot site on Fish Island in Hackney Wick is set to be turned into a block of luxury flats.

Telereal Trillium, the largest privately owned property company in the UK, has been given planning permission to convert the land’s use from industrial to residential from the London Legacy Development Corporation.

There will be 145 apartments in four buildings at the proposed development 200 yards from Hackney Wick Overground station, of which just 50 will be “affordable”, along with 23,000 sq ft of commercial space at ground level.

BT is expected to vacate the site in the spring.

Steve Akeju, senior development manager at Telereal Trillium, said: “Following the widespread regeneration kick-started by the 2012 Olympics, Hackney has become a very popular area for tech and creative industries as well as new homebuyers. We are delighted to move forward with our plans which will help create opportunities and offer much-needed housing to the area.”