News
GB Sells Greenwich Block
May 30, 2008
GB Developments has exchanged contracts on the sale of it’s 34 unit building within The Rubicon development.The building remains approximately nine months away from completion.
Managing Director,Simon Grace,commented “Whilst our initial purchasing criteria included the provision for a longer term hold with deteriorating market conditions and much reduced lending conditions we took the decision to sell this building.We were approached by a overseas investment purchaser with long term aspirations to build a central london rental portfolio and this block fitted his criteria for the same reasons we were attracted to it. I believe part of GB’s strength relies on our position in the market as traders and longer term investors enabling quick decisions to be taken when opportunities arise.The resulting profit from this sale in any market would have been difficult to turn down”