Lodha Group sells apartments worth £130 million in its under-construction Lincoln Square property
LONDON: More than three years after it bought two prime properties in London for around Rs 3,900 crore, the Mumbai-based Lodha Group said it sold apartments worth £ 130 million (roughly Rs 1,100 crore) in its under-construction Lincoln Square property located next to the London School of Economics.
LOdha UK director Gabriel York said around 80 of the 221 residences in the project have been sold since bookings opened last year. “We are looking at revenues of about £ 500 million (approx Rs 4,200 crore) when the project is completed,” he said. The Lodhas acquired this property in early 2014 for £ 90 million or Rs 900 crore. The developer will spend another £ 150 million (almost Rs 1,300 crore) on construction and design cost. Last month, the developer raised $ 350 million (Rs 2,200 crore) as construction funding for this project from Cain Hoy, a private investment company.
“The facility received the largest ever loan from a single provider for a UK residential project,” said the developer.
Lodha Group MD Abhishek Lodha said the Lincoln Square project “befits the area’s impressive heritage”; the imposing 19th century Gothic Royal Courts of Justice building and the landmark Lincoln’s Inn is next to the Lodha property.
“These two projects together will generate revenue, at current prices, of £1.5 billion (over Rs. 12,000 crores) and provide us with the potential to further grow our business here,” Abhishek said.
The 9-storey building, when completed in 2019, will have studios to four-bed apartments and two penthouses. The price range starts from Rs 8.5 crore to Rs 120 crore for the penthouse, said Lodha officials.
The developer also launched its No 1 Grosvenor Square project in London’s Mayfair last week. Lodha had purchased the former Canadian High Commission building for over Rs 3,000 crore in late 2014. The under-construction premium project will comprise 44 apartments when completed in end 2019. York said the project commands a price of £ 6,000 (Rs 5.10 lakh) a square foot. The luxury apartments start at £ 7.5 million or Rs 63 crore, he added.