Centre Point Luxury Flats Sales Resume

The Times is reporting that the company behind the redevelopment of London’s Centre Point tower into luxury flats is restarting the sales process.

Sales of the high end properties, ranging from £1.8m in price upwards, were halted last October after only around half of them had been sold. However, the report says that developers Almacantar have now reappointed sales agents to sell them.

CEO Mike Hussey said last year that although buyers were still interested in the flats a slowdown in the market had led to unrealistic offers being made for them: “Offers are now reflecting uncertainty on potential changes to stamp duty, taxation of overseas investors and other fiscal policy proposals. We see no point in chasing a market that is increasingly detached from reality.”

The Centre Point redevelopment has involved the transformation of the iconic Grade II listed 1960s office building in WC1 into 82 apartments.

Restarting of the sales process could indicate that the developers believe the high end London market has turned a corner – although it will be interesting to see how well the flats sell and what prices are achieved.

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Source The Times
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