Ballymore sells apartment for €10.4m

Irish property group Ballymore has sold an apartment in its Pan Peninsula development in London's Docklands for £7 million (€10.4 million).

The sale of the 8,000sq ft (2,438sq m) penthouse apartment on the 50th floor of Pan Peninsula works out at £875 per square foot, breaking the record for the most expensive apartment in the Docklands area and putting it on a par with properties in exclusive areas of London.

The buyer's name has not been disclosed.

Located close to Canary Wharf, Pan Peninsula will provide 800 studio suites, one and two bedroom apartments as well as duplex and penthouse properties when complete.

The development, consisting of two interlinking landmark towers, will include valet parking, a private cinema, residents' lounge, spa, gym, restaurant, hotel-style concierge facilities and a cocktail lounge on the top floor of the 50-storey tower.

Most of the sales were off-plan before construction began and the company is expected to announce this week that it has completed the sale of all of the apartments in the development.

Ballymore is the second-largest landowner and the largest developer in the London Docklands area. The company is also reported to have bought two more parcels of land in the area on which it plans to build more residential towers.

Owned by Roscommon-born Sean Mulryan, it has around €17 billion worth of projects planned in the UK. It is involved in 33 big schemes in the UK, including Wood Wharf, a joint venture with Canary Wharf.

The company is also involved in projects in central Europe, including the development of a 35-acre riverside district in the Slovakian capital city of Bratislava and a key site on Wenceslas Square in Prague where it is developing shopping, offices and homes.

Ballymore has also assembled an 80-hectare site close to Budapest's main railway station.