Construction

Chesterton unveils $272mn London tower for UAE investors

Tallest tower in Croydon will be investment opportunity for UAE residents looking to invest in London property market

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The UK based international property agency, Chesterton, has announced a new project for investors in the UAE, following increased levels of interest in London real estate from the country.

‘The Tower’ is a luxury mixed-use development by Berkley Homes in Dubai. It is targeted at UAE investors looking to expand their local or international real-estate portfolios, and individuals seeking to buy their first or second homes in UAE or abroad.

Situated at Saffron Square, the Tower is worth $272.2 million and will be the tallest in Croydon. Its completion is scheduled for 2016.

The Tower will include 414 suites, one, two and three-bedroom apartments and penthouses.

Prices for a suite start at $252,000 and Chesterton will reveal more details for UAE-based investors over the upcoming weekend.

Jon Hall, sales and marketing director of Berkeley Homes (Capital) said, “redefining the Croydon skyline, The Tower at Saffron Square will take its place as the tallest building in Croydon and amongst the tallest residential towers in the UK. But as one of the first high-end residential developments in Croydon, apartments at The Tower will set new standards for luxury in residential accommodation as well as height.”

Samuel Warren, Head of International Residential Developments, Chesterton Humberts added, “this is the right time to buy property in London and we strongly believe that The Tower is set to provide investors with attractive returns on their investments.”

“Prime areas in London are set to grow at an average of 8% this year and this growth is being driven by strong UK and international demand and short supply in the market. Over the last few quarters we have seen a growing level of interest from the UAE investors towards London based properties. We are bringing this prestigious project to Dubai due to the overwhelming investor interest that we have already received both locally and internationally.”

Earlier this month, data released by CBRE revealed investors from the Middle East accounted for 9% of the entire market and 21% of cross-border transactions in H1 2013.

Buyers from the Middle East strongly preferred London (accounting for nearly half the total), and offices, although large retail properties were also purchased. The city’s solid growth potential, steady political environment and transparent legal system were stated as factors that made it popular among international and regional buyers.

“In addition to the one-acre public square at Saffron Square, the Tower will offer approximately 17,369 sqft of retail floor space, situated around the new landscaped plaza area which includes communal seating areas, landscaping, innovative triangular water features and sculptures for local residents and employees to enjoy. A Tesco Express and letting agent are also on site with further plans for a coffee shop,” informed Jon Hall.

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