22nd Sep 2014 06:41
LONDON (Alliance News) - British Land Co PLC said Monday that it has exchanged on the sale of 18 apartments at its new London residential development, Clarges Mayfair, generating proceeds of GBP210 million.
The London-based property investment company said that the sales come after a number of apartments were released in a pre-launch to targeted potential buyers over the summer. The sale price reflects an average capital value of GBP4,750 per square foot and sets "new records for prices in Mayfair," said British Land.
The GBP210 million proceeds represents close to 50% of the total gross development value of the private residential value of the project, said the company. Work began on the site - which is close to Bond Street and overlooks Buckingham Palace - earlier this year; the office element will complete in mid-2016, with the residential element completing in 2017.
The building was designed by Squire and Partners architects and Martin Kemp Design are leading the interior design for the apartments. The total cost of the development, excluding land and interest, will be approximately GBP228 million.
The company has been encouraged by the success of the pre-launch, noting that demand has been very strong from UK and overseers buyers, and that it has seen a good level of interest in the development. "This pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received," said British Land in a statement.
By Alice Attwood; [email protected]; @AliceAtAlliance
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