It is being reported that more than 130 of the first 164 flats to go on the market already have buyers some six months before they are officially put up for sale next April. These apartments are being marketed in London first before being offered to investors overseas.
According to statements issued by Mitsui Fudosan UK, under the commercial terms agreed with Stanhope and Mitsui Fudosan UK Ltd, the BBC received £87 million for the sale of four acres of freehold land and the lease of six buildings. Development funding of £350m will be provided by two major Japanese banks, Sumitomo Mitsui Trust Bank and Sumitomo Mitsui Banking Corporation.
Mayor of London Boris Johnson approved revised plans for the scheme in March. The £1bn first phase of redevelopment will deliver over 1 million sq. ft. of space comprising 432 residential units and 550,000 sq. ft. of office space. It will also include a gym, cinema, cafes and restaurants, as well as the Soho House club with rooftop pool and a 47-room boutique hotel.
