Great Portland Estates plc ("GPE") announced that it has exchanged contracts to sell 125 apartments at its Rathbone Square, W1 development for an aggregated amount of £207.2 million (approx. €260 million).
GPE launched the pre-sales marketing program 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 4 further units under offer with a value of £9.4 million (approx. €11 million), leaving only 13 apartments remaining, nine of which are penthouse units.
GPE purchased Rathbone Square from Royal Mail Group in September 2011 for £120.0 million (€150 million), leasing the site back to the vendor until August 2013. Planning consent was obtained from Westminster City Council in February 2014 for a 411,200 ft² (38.183 m²) development, comprising 214,800 ft² (19.881 m²) of offices, 144,500 ft² (13.378 m²) of private residential, 9,400 ft² (0.836 m²) of affordable residential and 42,500 ft² (3.901 m²) of retail space, located around a new public garden square. Construction works are expected to be complete in early 2017.
Toby Courtauld, GPE Chief Executive said "The successful sales campaign and the appeal of the Rathbone Square apartments reflects the high quality residential accommodation that GPE is creating, the appealing environment of the new garden square and its first rate West End location. Forward selling and securing commitments on the majority of the apartments early in the construction phase has allowed us to begin the process of de-risking the delivery of this development. We expect to continue to sell more of the remaining units as we move towards completion in early 2017.
Meanwhile, the prospects remain positive for the commercial space within Rathbone Square, as we deliver best in class office and retail space into the rapidly regenerating area around the east end of Oxford Street and against a backdrop of a West End market characterized by tightening supply".