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Capital & Counties sells all units at 9 Lillie Square block
Capital & Counties and its joint-venture partner have exchanged contracts to sell all the apartments and parking spaces at their 9 Lillie Square block in London's Earls Court for £66m.
The London-based landlord and property developer said it signed a deal with an unidentified international investor for 49 apartments and 31 parking spaces at the site. Capital & Counties owns half the development with its partner, Hong Kong's KFI, owning the other half.
Capital & Counties said the price was in line with sales to date for the second phase of its Lillie Square development and slightly higher than the price for comparable flats in phase one. Of 186 units in Lillie Square phase two, 142 have been reserved or exchanged.
The company's property portfolio is in Covent Garden, in London's West End, and Earl's Court in West London. Falling values at Earl's Court caused Capital & Counties to report a negative total return for 2017 caused by pressure on residential property values in London.