With the commercial element of Rathbone Square forward sold and the offices completed, GPE now focuses on delivering the 142 private residential units.
Whilst the residential element of the scheme made a small loss (based on land valuation at scheme commitment), it helped unlock a whole life surplus in excess of £110.0 million for the scheme as a whole.
Fit-out of the apartments is progressing well and GPE expects to achieve practical completion in September 2017.
GPE has forward sold 140 of the 142 units with 25% cash deposits already paid by the majority of buyers.
GPE expects to be able to start completing the sales and handing over the apartments to the buyers in stages shortly after completion, with the remaining 75% of the sales proceeds to be collected by the end of the year.
Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.