British Land announces that after releasing a selected number of apartments over the summer at its super-prime residential-led development, Clarges Mayfair, it has exchanged on the sale of 18 apartments. At £210 million (€267 million), the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme.
This pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received.The success achieved at Clarges Mayfair is testament to its unrivalled position, and the quality of its design which sets a new international benchmark for residential development in London. 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 circa £228 million (€289 million).
Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace. The scheme plays to British Land’s strengths in sourcing and managing complex projects. Work began on site earlier this year, and the office element will complete in mid-2016, with the residential element completing in 2017. Full marketing of the remaining units will be undertaken closer to completion when purchasers can appreciate the unique design of the building, its location and the panoramic views from the upper floors.
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. We have used our core development skills to increase significantly the value of the scheme creating a landmark building for this important area of London and further enhancing our presence in the West End.”