Minerva sells eleven London flats for £107.5m

Grant Prior 14 years ago
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Developer Minerva has sold another 11 apartments for an average price of £10m each at its luxury Lancaster Gate scheme in central London overlooking Hyde Park.

The announcement to the Stock Exchange this morning confirms the continuing rise in “super-prime” properties in the capital despite economic gloom in the general economy.

Minerva confirmed contracts have now been exchanged to sell a further 11 apartments at the Lancaster Gate scheme for a total consideration of £107.5m.

The latest deals mean pre-sales totalling approximately £230m have now been achieved, representing just over half of the total area of the scheme.

The official launch of the scheme commenced last week, with completion of the development scheduled for summer 2011.

Salmaan Hasan, Chief Executive of Minerva plc, said: “We are very encouraged by the level of interest we have seen in The Lancasters.

“There is an acute scarcity of high-end residential schemes of this quality in the market and when complete, we will be delivering a range of stunning apartments, combining the historical features and grand setting of the building with contemporary design and facilities.”

One contractor told the Enquirer: “It’s a very specialist area, but ultra high-end schemes like this are a good place to be because it seems the super rich just aren’t hit by the recession.”

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