Majority of Exclusive Waterside Apartments Sold Within Days of Launch

20 Nov 2009 – Media Release

European Land, a company jointly owned by the Reuben Brothers and Jarvis family, and which is the leading development company behind the successful Kings Chelsea development and the regeneration of Paddington, has sold more than two thirds of its apartments in Paddington’s Merchant Square within ten days of its launch. Since the launch in late October, 70 of the 93 available properties have been sold.

Waterline House, part of the landmark mixed-use development, Merchant Square in Paddington, benefits from a first class specification including comfort cooling, 24 hour concierge and secure underground parking. Average prices achieved are £962 per sq ft with the most sought after units achieving an average of £1,079 per sq ft. The apartments are being sold on 999 year leases and completion is set for November 2010.

Waterline House has a unique Central London waterside setting, establishing a new landmark building within the thriving Paddington Basin. The immediate surrounding area has benefited from a number of new residential and commercial developments in recent years resulting in a vibrant new community and establishing Paddington as an outstanding destination for those requiring easy access to Heathrow and the West End.

When the scheme was first launched last year, 60 units were pre-sold to the Crown Estate out of a total of 153; at an average of £963 per sq ft. Recent sales have all been to individual buyers, a good number of which have emanated from overseas buyers taking advantage of a weak currency and at the same time displaying confidence in London over the long term.

Richard Banks, Managing Director, European Land said: “We are thrilled to be bringing this unique, top class development, Merchant Square, to UK buyers and providing them with the opportunity of becoming a part of what is set to become London’s West End landmark scheme for years to come. Merchant Square provides an exciting and attractive new place to live and relax, inclusive of new shops and restaurants”.

John Callander, Partner at King Sturge said: “There is a very strong appetite for high end, new build product, but currently there is little supply in the central London market. This is a great opportunity for buyers to capitalise on the competitive pricing.”

The development is located in a unique waterside environment with enviable transport links, being 15 minutes from Heathrow and easily accessed from the A40 and Edgware Road.

Notes to Editors:

European Land

European Land & Property Limited is a development company owned jointly by European Land Holdings Limited and Aldersgate.