Rathbone Square demolition works continue and the substructure is being prepared ahead of the expected start of the main construction works in early 2015.
The successful sales programme of the 142 private residential units continues and GPE expects to commence the pre-letting campaign for the 215,500 sq ft of office space in the first half of next year.
The project is expected to complete in spring 2017 and, based on current market assumptions, is expected to deliver GPE a pre-tax profit on cost of 17.8%. This represents an increase on the estimate of 15.7% at 30 June 2014 as residential sales successes to date have more than outweighed the small increase in expected development costs.
The eventual profit on cost to GPE will be influenced by a variety of factors, including the overage arrangements agreed with the Royal Mail Group on purchase of the site in September 2011.
Source: Great Portland Estates plc, Half Year Results 2014, 13. November 2014