Joint venture partners Minerva and Northacre have announced that they have exchanged contracts with unnamed parties to sell 11 apartments in an exclusive residential project overlooking Hyde Park in London for a total of £107.5 mln (EUR 132 mln).
Joint venture partners Minerva and Northacre have announced that they have exchanged contracts with unnamed parties to sell 11 apartments in an exclusive residential project overlooking Hyde Park in London for a total of £107.5 mln (EUR 132 mln).
Following this disposal, pre-sales totalling approximately £230 mln have been secured representing just over 50% of the total area of The Lancasters scheme.
The official launch of the 77-apartment development commenced last week. The first stage is due for completion in February 2011 and the remainder by summer 2011. The development comprises the former Grade A Listed Lancaster Gate Thistle Hotel and the French Renaissance-style Ambassadorial Terrace.
Klas Nilsson, chairman and CEO of Northacre, said: 'We are truly encouraged by the level of interest we have seen in The Lancasters which further supports quality of the development in Central London. There is a chronic shortage of high-end residential schemes of this quality in the market and when complete, we will deliver a range of stunning apartments, combining the historical features and grand setting of the building with contemporary facilities.'