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Great Portland Estates has sold its first apartment at its Ranelagh House development in London, SW3. The accommodation went for £1.25 million ($1.75 million) equating to around £1000 ($1,390) per sf.

The scheme is Great Portland’s first venture into the residential development market, being far better known for its portfolio of commercial property in prime London locations. The company bought the property, comprising 38 apartments, back in 1990 as part of a £100 million ($139 million) portfolio and has added a 12 apartment extension totalling 10,000 sf to the eaast and west wings of the building together with adding a new entrance and refurbishing the existing space.

Fronting Elystan Place, close to King’s Road, Chelsea the new luxury apartments provide a mixture of one, two and three bedroom accommodation which will create an end value to Great Portland of £8.45 million ($11.75 million).

Company spokesman, Keith Horne, said, ‘With returns per sq ft of over 10 times that of Mayfair office rents, Ranelagh House has been an excellent investment.’

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