Phase 1 of Lillie Square is substantially complete, and 217 units have been handed over to residents representing £123 million (Capco share) of sales proceeds.
Sales of the nine remaining units of Phase 1 continue to progress, the most recent of which, a premium unit, transacted in July at £2,300 per square foot.
In Phase 2, over 80 per cent of the units (153 of the 186), have now been reserved or exchanged, 60 of these transacted in 2018, including the exchange of contracts with an international investor for all 49 apartments and 31 parking spaces at ‘9 Lillie Square’, one of the four blocks within Phase 2. Total consideration for this transaction was approximately £66 million (£33 million Capco share). Pricing was in line with Phase 2 sales to date at a modest premium to comparable units in Phase 1.
Sales proceeds from Phase 1 have been used to pay down the Lillie Square bank facility. With over 80 per cent of Phase 2
reserved or exchanged, the main construction contract was awarded in June 2018. The bank facility will be redrawn to fund construction of Phase 2 with delivery expected from the end of 2019.
Source: CAPCO Interim Results for the six months ended 30 June 2018 capitalandcounties.com