Great Portland Estates has sold 125 of 142 flats at its Rathbone Square development, W1, for a total of £207.2m.
Development at Rathbone Square, formerly the Royal Mail sorting office, began in July this year.
The units were marketed first in the UK, and then overseas. The flats sold represent 73% of the total private residential area in the development by value.
GPE bought Rathbone Square from the Royal Mail Group in September 2011 for £120m, and leased the site back to the vendor until August 2013.
Construction of the 411,200 sq ft redevelopment is slated for completion in early 2017.
GPE chief executive Toby Courtauld said: “Forward selling and securing commitments on the majority of the apartments early in the construction phase have allowed us to begin the process of de-risking the delivery of this development. We expect to continue to sell more of the remaining units as we move towards completion in early 2017.
“Meanwhile, the prospects remain positive for the commercial space within Rathbone Square, as we deliver best-in-class office and retail space into the rapidly regenerating area around the east end of Oxford Street and against a backdrop of a West End market characterised by tightening supply.”
sophia.furber@estatesgazette.com
