Overseas buyers targeted for Fitzroy Place

MIPIM: CBRE and Savills are targeting investors in Turkey and Nigeria to buy the remaining flats at Fitzroy Place, W1.

At MIPIM, Mark Collins, chairman of residential at CBRE, said a double-digit batch of the luxury apartments at the £750m development by Aviva, Exemplar and Kaupthing, have just sold, leaving only 50 remaining.

Collins will now visit Nigeria to market the remaining assets after companies such as Berkeley proved successful in selling in the African country.

Only around 30% of the homes have been sold to UK buyers.

“This is the largest scale project in this part of London in more than 50 years, and will be a new landmark. Traditionally some overseas buyers, such as Middle Eastern investors, would focus on golden residential postcodes, such as in Knightsbridge, but we are now finding the second generation are looking further afield, in areas such as the South Bank,” said Collins.

He added that Brazil would also be a target for marketing other residential developments in the capital.