The joint venture between Henderson Global Investors, on behalf of its £675 million (approx. 781 million) Central London Office Fund (CLOF), and Istithmar P&O Estates have already sold over 40% of the luxury apartments in the first release at their Regent Quarter scheme in Kings Cross, following marketing by Savills in a targeted Asian push.
Prices range from £420,000 to in excess of £1.5 million for the penthouse apartment.
CLOF entered into a joint venture with Istithmar P&O Estates (IP&OE) earlier this year to develop the final phase of Regent Quarter. The Fund agreed to acquire the land and fund the development expenditure for the final stage of the scheme.
Once completed, it will comprise two new BREEAM Excellent office buildings totaling 74,300 ft², 39 residential apartments, the restoration of a Grade II-listed horse stable to studio offices and three retail/A3 units.
Peter Neal, Portfolio Manager within the Central London team at Henderson, said: "The success of the off plan sales campaign assists in de-risking this exciting project for the joint venture partners. The prices achieved illustrate the continued appetite for well-located central London residential property".
Graham Corser, Development Director at Istithmar P&O Estates said: "These residential sales come hot on the heels of the opening of Pret A Manger and The London Graphic Centre within the scheme and bears testament to the growing demand for this fast evolving area of central London"
Construction on the site is underway with completion expected early 2013.
Source: Henderson Global Investors