Prospective buyers for a luxury London residential scheme are being offered a money-back guarantee if the UK votes to leave the EU.
Oakmayne’s Two Fifty One London, on Southwark Bridge Road, SE1, consists of 335 flats in a tower rising 41 storeys.
The “on the night” terms of its second phase launch of 42 flats on 25 May will refund buyers their reservation fees if the Out vote triumphs on 23 June. They will not be required to exchange contracts until after the vote. Prices start at around £600,000 for a one-bed flat.
David Humbles, director at Oakmayne Properties, said: “If they don’t like the result, whichever way it goes, they will have the right to withdraw and have their reservation fee refunded in full.”
The project is US private equity firm Lone Star’s first direct investment in the London residential development market, undertaken through Lone Star Real Estate Fund III. The scheme is expected to complete in Q4 2017.
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