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LONDON-FairBriar, the specialist residential developer, asset manager and serviced apartment operator, has exchanged contracts to sell all 89 apartments at No 1 Pepys Street, London, EC3, to Chaingold, a company guaranteed by Galliard Homes Ltd. Price is £25.5 million ($40 million) in cash, payable in stages, with full payment within six months.

The gross profit on the deal is approximately £4 million ($6.3 million) after interest costs. Further overage may be payable dependent upon the purchaser’s ultimate disposal proceeds in the future.

It’s the development of a nine-storey block close to Fenchurch Street Station with views over the City and Tower Bridge.

FairBriar chief executive Philip Van Reyk commented: “This highly profitable sale, which represents our most important transaction in this financial year, will significantly reduce gearing and create additional funds for investment in new schemes within central London and the Home Counties.”

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