Developer Halts Sales Of 41 Luxury Flats Due To Constant Low Ball Offers

Developer Almacantar has decided to halt further sales of the flats in its luxury Centre Point Residences development.

The company says that it has taken the decision due to the unrealistic offers being made by potential buyers in an uncertain London property market.

CEO Mike Hussey has said that although buyers are still interested in the flats: “Offers are now reflecting uncertainty on potential changes to stamp duty, taxation of overseas investors and other fiscal policy proposals.” He adds: “We see no point in chasing a market that is increasingly detached from reality.”

Half of the 82 apartments in the development, ranging from £1.8m in price upwards, have already been sold and the retail space has been leased. Hussey added that sales may recommence once a Brexit deal is agreed.

Almacantar’s strategy is to transform assets into prime products with sustained value, in the best locations in central London.  Since launch in 2010 it has acquired over 1.5m sq. ft. of prime assets in the heart of London including Centre Point, Marble Arch Place, CAA House, One and Two Southbank Place, Lyons Place and 125 Shaftesbury Avenue.

The company describe Centre Point as one of its most ambitious schemes. It has involved the transformation of the iconic Grade II listed 1960s office building and creation of the West End’s newest culinary destination and public square at the base of the tower.

 

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