Great Portland Estates (GPE) has pre-sold 125 apartments for £207 mln (€260 mln) at its Rathbone Square development in central London where construction started in July.
Great Portland Estates (GPE) has pre-sold 125 apartments for £207 mln (€260 mln) at its Rathbone Square development in central London where construction started in July.
The sales volume reflects an average capital value of £1,856 per square foot (€20,000 per m2) and a price range from £1,548 to £2,624 per square foot.
GPE launched the pre-sales marketing programme of the 142 private residential units of Rathbone Square on the commencement of the development in July 2014, first in the UK and then overseas, to owner occupiers and private investors.
The 125 apartments sold to date equate to 78% of the total private residential by area and 73% by value. In addition, there are four further units under offer with a value of £9.4 mln , leaving only 13 apartments remaining, nine of which are penthouse units, with a total quoting price of £68 mln.
GPE purchased Rathbone Square from Royal Mail Group in September 2011 for £120 mln, leasing the site back to the vendor until August 2013.
Planning consent was obtained from Westminster City Council in February 2014 for a 38,000 m2 development, comprising almost 20,000 m2 of offices, 13,400 m2 of private residential, 840 m2 of affordable residential and 3,900 m2 of retail space, located around a new public garden square.
Completion is scheduled for early 2017.