British Land sells €267m of London apartments at record prices

UK REIT British Land has sold 18 apartments at its super-prime London residential-led development at Clarges Mayfair for £210 mln (€267 mln), reflecting an average capital value of £4,750 per sq ft as well as setting new records for prices in Mayfair.

At £210 mln, the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme. The pre-launch was limited and targeted at an exclusive list of known potential buyers.

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 around £228 mln.

Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace. The Clarges site was acquired by British Land in 2012 for almost £130 mln with revised planning consent achieved the following year to increase the high-end residential element of the scheme from 63,000 sq ft to 93,500 sq ft. The revised scheme includes 47,800 sq ft of prime office space and 14,800 of retail and leisure space.

At the time of acquisition, the headquarters of The Kennel Club of Great Britain was centrally located within the site. British Land agreed terms to provide them with new modern headquarters in a new location adjacent to the site.

Work began on site earlier this year, and the office element will complete in mid-2016, with the residential element completing in 2017.

Chris Grigg, CEO of British Land, said: 'Clarges Mayfair is a great example of what we do well – investing in the right places and creating environments where people prefer to live and work.'