British Land sold 22 out of 34 apartments following a pre-launch last summer, targeting an exclusive list of known potential buyers, but will now wait until nearer completion, before marketing the remainder.
Sales have been agreed at an average capital value of £4,750 per sq ft, with several apartments setting new records for sales values in Mayfair. Depositstotalling around 12% of the total sales value have been received, with a further 17% falling due before completion and the balance due on completion. The total proceeds of £259 million represent 56% of the total gross development value of the private residential element of the scheme and together with sales across other residential schemes bring our residential exposure down to £140 million (measured by the original commitment adjusted for sales).
Source: The British Land Company PLC Full Year Results 2014/15