News
Highbury Square Completions
December 21, 2009
GB Developments has now successfully sold 18 apartments within the Highbury Square development having purchased a self contained core of 24 units off plan in late 2006.In addition to these sales, GB has now completed 5 apartments and placed these within their existing central London residential portfolio.The remaining unit is currently under offer.
Managing Director,Simon Grace,commented “We had assigned a number of contracts in Highbury during the course of 2007 and a proportion of these when served with completion notices during 2009 failed to complete for a variety of reasons. As the development took shape during the year and became a much sought after development, we were able to resell these units into an improving market having retained the previous sub purchasers deposits. All but two new buyers were owner occupiers and few had the need to raise additional funds from third parties. The five units which GB completed were all rented within three weeks of completion and given where interest rates currently are,provide a significant surplus income over costs.”