Capital & Counties has agreed a deal to bulk sell 49 flats at its Lillie Square scheme in Earls Court, SW5, for £66m to Hong Kong-listed Affluent Partners Holdings.
The firm has been under pressure following a series of write-downs of its Earls Court project and last week wiped a further £131m – or 11% – off the value in its annual results.
The flats at 9 Lillie Square, which are owned in a joint venture with Kwok Family Interests, have been sold at a price “in line with phase 2 sales to date” and “at a modest premium to comparable units in phase 1”.
A 10% deposit has been paid, a further 10% will be received in a year and the remainder paid on completion in 2020.
Some 142 of 186 units in the second phase of the Lillie Square scheme are now reserved or exchanged.
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