Over half of the luxury apartments at 3 Merchant Square, which forms part of the significant redevelopment around Paddington Basin, have been sold off-plan, achieving over £100m in sales, according to European Land and Property Limited, the development manager behind the scheme.
The off-plan sales success at the development, which will feature 159 apartments, reflects the high national and international demand from homebuyers for new homes in London. With construction now well underway, the project is scheduled for completion in 2014.
"We have been very encouraged by the strong levels of interest in this development which has led to sales well ahead of expectations at this stage," said Richard Banks, CEO of European Land.
Merchant Square is a mixed use development comprising six buildings, including the iconic 1 Merchant Square tower. 3 Merchant Square is the third building to be developed following the completion of 4 and 5 Merchant Square in 2010.
Merchant 3 will consist of 159 new homes, including a mix of one-, two- and three-bedroom apartments, which are generously proportioned with a focus on quality of design and finish. Residents of 3 Merchant Square will also have access to a secluded roof garden overlooking the canal, as well as a business centre, lounge area and private screening room.
Banks added: "The success of 3 Merchant Square is a testament to the quality of the apartments themselves and their prime central London location, in a peaceful waterfront setting, yet moments from some of London's main attractions. Merchant Square is one of the capital's biggest regeneration projects and we are delighted that purchasers are taking the opportunity to be part of this exciting scheme."
The Merchant Square masterplan will create a new focus for Paddington based around a new waterside garden square. The landscaping will include a new waterside event space, spectacular water maze and a striking new opening bridge across the Grand Union Canal. Merchant Square is a short walk from the open spaces of Hyde Park, the restaurants of Mayfair and the shopping and entertainment facilities of the West End.
John Callander of Jones Lang LaSalle, the sales agent for the development, commented: "The success of 3 Merchant Square is a direct result of the many hours refining the interior layouts and specification of each and every apartment to ensure they meet purchasers' high expectations. These buyers recognise that European Land is delivering a product rarely to be found in prime central London, as showcased in the marketing suite. The combination of exceptional quality and real value in the West End has attracted keen interest from owner occupiers with many sales being generated by word of mouth."