Development update from GPE
Having profitably forward sold the commercial element of Rathbone Square in February 2017, Great Portland Estates settled the overage due to the Royal Mail Group over the summer and more recently handed over the completed garden square to Deka.
The company expects to achieve practical completion of the 142 private residential units by the end of November 2017 and will commence handing over the 140 pre-sold apartments to the buyers early in the New Year, with the remaining 75% of the sale proceeds (approximately £196 million) expected to be collected by the end of the financial year. Whilst the entire Rathbone Square scheme in total delivered a whole life profit on cost in excess of 20%, the residential element is expected to deliver a small loss on cost of 1%.
Via Great Portland Estates plc results for the six months ended 30 September 2017 gpe.co.uk; published 15.11.2017.