Southwell Ltd, a property development company, sold a property with a carrying amount of £4.5 million for £5 million to Financier Ltd on 1 January 20X4 (the current market value is £5 million). Southwell Ltd retains the right to occupy the property and obligation to maintain the building and has a forward option to repurchase the property in two years’ time for £6 million. It is expected that the market value of the property will be £6 million in two years’ time. The annual rate for 20% over two years is 9.5%.

In accordance with IFRS 15, Revenue from Contracts with Customers what should be recognised in the financial statements relating to this transaction for the year ended 31 December 20X4?