Friday 29 April 2016 3:01 pm

Richard Desmond is moving from porn to property as Northern and Shell plans to build homes and a school

Struggling to find a good school for your children in East London? Richard Desmond to the rescue.

Shortly after selling off its pornographic network, Portland TV, Desmond's Northern and Shell has announced plans to move into property development.

And as well as building 722 homes, the publisher of the Daily Express and Daily Star is also planning to build a school for 1,200 students.

The plans were announced in 2015 accounts filed with Companies House today.

Meanwhile, the company reported a pre-tax loss of £24.8m.

Nothern & Shell, which also publishes celebrity magazines including OK!, and runs the Health Lottery, recorded a pre-tax profit of £327.6m in 2014, buoyed by the £450m sale of Channel 5.

Its revenue for 2015 totalled £241.4m, down from £478.3m in 2014, when the Channel 5 sale was completed.

In the accounts, the company announced it has received planning permission from the Greater London Authority to develop its West Ferry Printworks in Tower Hamlets.

It plans to build 722 residential units, a “significant public open space” and sixth form entry secondary school for 1,200 students.

Commenting on the results, Rob Sanderson, group joint managing director, said: "In these, our first full accounts since the sale of Channel 5, we see the results of the board’s decision to focus our operations to core business and to invest heavily in digital.

"Through this, we will future-proof our business and with significant liquid assets, we are ready to act should the right strategic business opportunity present itself."