British Land has announced it has sold 18 apartments, Clarges Mayfair, reflecting an average capital value of £4,750 per sq ft as well as setting new records for prices in Mayfair.

At £210m, the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme.

The pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received.

-- Advertisement --

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 £228m.

Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace.

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."

(CD/JP)