?210 million of Apartments Sold at Clarges Mayfair

RNS Number : 1836S

British Land Co PLC

22 September 2014

 



22 September 2014

British Land Sells £210 million of Apartments at New Super-Prime London Residential Development, Clarges Mayfair

British Land announces that after releasing a selected number of apartments over the summer at its super-prime residential-led development, Clarges Mayfair, it has exchanged on the sale of 18 apartments, reflecting an average capital value of £4,750 per sq ft as well as setting new records for prices in Mayfair.  At £210 million, the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme.  This pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received.

The success achieved at Clarges Mayfair is testament to its unrivalled position, and the quality of its design which sets a new international benchmark for residential development in London. The building was designed by Squire and Partners architects and Martin Kemp Design are leading the interior design for the apartments. The total cost of the development (excluding land and interest) will be circa £228 million.

Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace. The scheme plays to British Land's strengths in sourcing and managing complex projects.  Work began on site earlier this year, and the office element will complete in mid-2016, with the residential element completing in 2017. Full marketing of the remaining units will be undertaken closer to completion when purchasers can appreciate the unique design of the building, its location and the panoramic views from the upper floors.

Chris Grigg, CEO of British Land, said: "Clarges Mayfair is a great example of what we do well - investing in the right places and creating environments where people prefer to live and work. We have used our core development skills to increase significantly the value of the scheme creating a landmark building for this important area of London and further enhancing our presence in the West End."

Tim Roberts, Head of Offices and Residential, said: "Clarges Mayfair offered us a rare opportunity to develop an exceptional product in a premium location and we are delighted by the level of interest we have seen.  Demand has been very strong from both UK and overseas buyers, demonstrating both the strength of the premium residential market and the enduring appeal of developments of this quality."

Enquiries:

Investor Relations
Sally Jones, British Land	020 7467 2942
Media
Pip Wood, British Land	020 7467 2942
Gordon Simpson, Finsbury Group	020 7251 3801
Tania McNally / Toyah Simpson, Luchford	020 7631 1000
Sales Agents
Rupert Dawes, Knight Frank	020 7861 5445
Peter Wetherell, Wetherell	020 7529 5560

Notes to Editors

About Clarges Mayfair

The Clarges site was acquired by British Land in 2012 for £129.6 million with revised planning consent achieved the following year to increase the high-end residential element of the scheme from 63,000 sq ft to 93,500 sq ft.  The revised scheme includes 47,800 sq ft of high quality prime office space and 14,800 sq ft of retail and leisure space. 

At the time of acquisition, the headquarters of The Kennel Club of Great Britain was centrally located within the site.  British Land successfully agreed terms to provide them with new modern headquarters in a new location adjacent to the site. This enabled the increased residential element to be self-contained within a detached building fronting Green Park.

Details of the residential scheme are as follows:

·      34  apartments arranged over 10 floors, ranging in size from one to five bedrooms

·      Gated mews with secure drop off

·      A private wellness spa including a 25m swimming pool and fully equipped gymnasium, sauna, steam and treatment rooms

·      Private cinema room

·      Full lifestyle services

Further details can be found on the Clarges Mayfair website www.clargesmayfair.com

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London Offices & Residential. We have total assets in the UK, owned or managed of £17.8 billion (British Land share of which is £12.0 billion), as valued at 31 March 2014. Our properties are home to over 1,000 different organisations and receive over 300 million visits each year. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 53% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today, from major regional shopping centres to single occupier locations. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 25 million sq ft of retail space across 66 retail parks, 85 superstores, 15 shopping centres, 12 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 47% of our portfolio is focused on London, We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our offices are in mixed-use environments which include retail and residential elements. Our 7.3 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com.

 

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