Construction

SHUAA Capital’s UK-based subsidiary reports strong interest in London property despite COVID-19 pandemic

Northcacre says it has sold a high-spec apartment for $9m in its first new-build, mixed-use project, The Broadway

Northacre, the UK-based luxury property developer and wholly owned subsidiary of SHUAA Capital, has reported seeing marked growth in interest from buyers, even amidst global economic turmoil triggered by the coronavirus pandemic.

In a statement, the developer said that it has continued to its strong post-lockdown run of deals with the sale of a high-spec apartment in its first new-build and mixed-use project ‘The Broadway’, which is located on London’s Victoria Street for $8.99 million – a rate of $4,120 per square foot. The three-bedroom unit on the 14th floor features views of Big Ben and other landmarks.

Pitched as ‘a vibrant new quarter in the historic borough of Westminster’, the Art Deco-inspired scheme next to St James’s Park tube station is one of the largest high-end residential-led new developments in central London.

Northacre is also currently working on two big Prime Central London developments: The Broadway and No.1 Palace Street, both in SW1. The firm reported a threefold increase in sales enquiries in H1 2020, with a bumper start of the year in terms of actual sales.

SHUAA Capital Deputy CEO and Northacre Executive Director Mustafa Kheriba said that he remains bullish about the effects of Covid-19 and post-pandemic prospects for the PCL property market.

“We believe the global pandemic has definitely been acting as a catalyst for driving demand. The Prime Central London market was already in a robust position at the start of 2020 before the virus hit and appetite is expected to remain strong owing to the promise of security, stability and strong capital appreciation that this part of the market has always guaranteed,” he said.

“This, coupled with the changing environment for property development including a shrinking workforce following Britain’s exit from Europe, will impact the availability of stock that will, in turn, limit stock and push up demand. Chancellor Rishi Sunak’s decision to implement a 2% Stamp Duty Land Tax surcharge on international buyers of UK real estate will create additional momentum for upcoming transactions before the measure comes into force in April 2021.

“We remain positive in our predictions for the Prime Central London market as we note a three-fold increase in sales enquiries from a wide demographic across all parts of the globe,” Kheriba added.

The Broadway occupies the 1.72-acre former New Scotland Yard site. Six Squire & Partners-designed the towers, which are arranged in coloured pairs, named after three famous diamonds: The Sancy, The Paragon and The Cullinan, will deliver 355,000 square feet of residential units, with prices starting from $2 million.

There will also be 16,000 square feet of health, fitness and spa amenities including a 25-metre pool, a 2,000 sq ft public courtyard, 118,000 sq ft of office space and 25,800 sq ft of retail. Residents will have access to two fourth-floor gardens, which link the residential towers and have been inspired by the site’s oldest incarnation as orchards for Westminster Abbey.

The scheme is due for completion in 2021.

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