Published On: Fri, Jun 16th, 2017

Lodhas Sell Under-Construction Apartments Worth £130m in London Project

Mumbai-based Lodha Group has sold apartments worth 130 million pounds (roughly Rs 1,100 crore) in its under-construction Lincoln Square property located next to the London School of Economics.  It had bought two prime properties in London for around Rs3,900 crore more than three years back.

Lodha UK director Gabriel York said that around 80 of the 221 residences in the project have been sold since bookings opened last year. They are looking at revenues of about 500 million pounds (approx Rs 4,200 crore) when the project is completed.

The developer will spend another 150 million pounds (almost Rs 1,300 crore) on construction and design cost. Last month, the developer raised $350 million (Rs 2,200 crore) as construction funding for this project from Cain Hoy, a private investment company. The facility received the largest ever loan from a single provider for a UK residential project, said the developer.

The developer also launched its No 1 Grosvenor Square project in London’s Mayfair last week. The under-construction premium project will comprise 44 apartments when completed in end 2019. The project commands a price of 6,000 pounds (Rs 5.10 lakh) a square foot.

Lodha Group MD Abhishek Lodha said the Lincoln Square project “befits the area’s impressive heritage” — the imposing 19th century Gothic Royal Courts of Justice building and the landmark Lincoln’s Inn is next to the Lodha property. These two projects together will generate revenue, at current prices, of 1.5 billion pounds (over Rs 12,000 crore) and provide them with the potential to further grow their business here.

The nine-storey building, when completed in 2019, will have studios to four-bed apartments and two penthouses. The price range starts from Rs 8.5 crore to Rs 120 crore for the penthouse, said Lodha officials.

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