P&O Developments has sold the entire residential first phase of its £100m Kings Cross scheme within hours of bringing it to the market.
P&O will push forward with plans for the next phase after all 27 homes in the first residential phase of the 602,800 sq ft (56,000 sq m) mixed-use scheme were bought last Friday.
Prices average out at £472 per sq ft (£5,080 per sq m), ranging from £187,500 for one-bedroom apartments to £489,500 for a three-bedroom home.
The remaining 111 on the 5.8-acre (2.35ha) site to the east of the station are expected to come to the market soon.
This week P&O unveiled its first images for the scheme, which includes restaurants, shops and bars, a supermarket, offices, a 277-bedroom Premier Lodge Hotel, art gallery, health club and other leisure facilities.
Graham Corser, senior development surveyor at P&O Developments, claims the scheme is the “foundation” for Argent St Georges 8m sq ft (743,200 sq m) mixed-use regeneration plans to the north of Kings Cross and St Pancras.
Corser said: “We have had this scheme on our books since the late 1980s. You cant always time these things perfectly, but with the residential element I think we hit it absolutely right.
“With the commercial, the offices wont be ready for between a year and 18 months, so hopefully the market will have improved by then.”
Unlike the high-density Argent St George scheme, P&Os scheme is within a conservation area and rises no higher than four or five storeys.
The Regent Quarter scheme will eventually offer 138 homes, 35 of which will be affordable, offered in partnership with the London Borough of Islington and Peabody Trust Partnership.
Work has started on the scheme, which is being marketed by FPDSavills and should be completed in 2005.
EGi News 21/10/02
