DEVELOPER British Land has announced deals worth £210 million on eighteen apartments in its new Clarges Mayfair development.
Reports say that a new record was set on the sale of a Penthouse apartment at the development with a record breaking price well above £5,000 per square foot. The average capital value for the properties on which contracts have been exchanged is £4,750 per sq ft.
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.”
The ten storey development at the corner of Piccadilly and Clarges Street will have 34 apartments when finished and 47,800 sq ft of office space. The site, purchased by British Land for £129.6 million in 2012, including in it the headquarters of the Kennel Club of Great Britain and they have been rehomed in an adjacent property the developer as part of the deal.