News
GB Update
September 1, 2010
GB Developments currently has no outstanding off plan contractural liabilities having now completed all it’s forward purchase contracts.These completions have taken place over a very difficult period for the central London new build market and have either been undertaken by GB Developments and placed within our rental portfolio or sold onto third party investors and owner occupiers.Over 170 properties have been successfully completed within this period with a value in excess of £50m.No units failed to complete.
GB Developments now has a central london portfolio of circa 40 apartments funded by RBS with a loan to value ratio of 60%.The portfolio produces a significant income over costs,taking full advantage of extremely low interest rates.The portfolio has also benefitted from an extremely robust rental market with rental increases averaging 12% between Sept ’09 and Sept ’10.
GB Developments having now successfully consolidated it’s position will look to take advantage of the opportunities which will exist in the central london market over the next few years.