Following a successful campaign of off-plan sales, developer MTD Group will close its marketing suite at the end of September and change its focus to completing the premium scheme to schedule.
Purchasers have continued to commit to the scheme in EC2 over the past six months, with take-up in residential sales hitting 60% and recent sales averaging £9m a month. The landmark address designed by Kohn Pederson Fox (KPF) will re-launch to market in mid-2020.
Embracing the old-meets-new character of the City of London and Hackney, One Crown Place is a welcome contrast to the capital’s many glass towers, artfully combining original heritage buildings with striking modern architecture from KPF. The mixed-use development will deliver a total of 246 private apartments and a fully restored Georgian terrace which will be transformed into a 41-room luxury boutique hotel – this will feature a destination restaurant alongside private members’ club with exclusive access for residents. 140,000 sq ft of premium office space and retail units totalling 7,000 sq ft will also be delivered as part of the scheme.
Global property firm CBRE was appointed by MTD Group in 2015 to act as development manager and to market the site’s 246 private apartments and 140,000 sq ft of commercial space.
MTD Group Chief Financial Officer, Tee Kim Siew said: “We are proud to see our vision for this landmark scheme come to life over the past year. One Crown Place offers the highest standards in residential with leading British design and quality craftsmanship and will create a new lifestyle destination on the edge of the iconic City of London. We are confident One Crown Place’s enviable location and exceptional design will be further realised when it returns to the domestic and international market, with new sales assets, next year.”
Henry Robinson, Senior Director, Central London Development at CBRE, said: “Together with MTD Group we have made the strategic decision to pause residential sales until we are able to host purchasers inside One Crown Place for the first time. We are thrilled by the progress of the scheme to date and the fact we have exceeded our sales targets is testament to the continued demand from international and domestic buyers for prime London property. Looking ahead to next year, we foresee an uptake in overall market growth and a spotlight on Hackney as house prices are expected to increase 7% over the next five years. We are confident One Crown Place will make its mark as a vibrant, premium destination for residents in the City."
Currently under construction, One Crown Place’s northernmost building will ‘top-out’ in Autumn 2019, followed by the southernmost building in early 2020. The scheme is due to complete in Q1 2021.
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