Gulf investors plan $750m property project in London

Dubai: Bahrain-based real estate investment firm Investate Realty has acquired a prime waterfront site in London to develop a $750-million residential project.

The 4.5-acre site known as Tideway Industrial Estate is located in central London on the River Thames and overlooks the Chelsea neighbourhood, the company said.

It said the property is one of the last prime waterfront locations available for redevelopment in London and generated a strong competitive interest from most of the leading UK developers.

"The site is ideally positioned to benefit from London's announced regeneration plans," Investate chief executive officer Salah Noor Al Deen said in a statement.

Value enhancement

"Future developments such as the adjacent Battersea Power Station site, currently being master planned by Uruguayan master architect Rafael Vinoly and the nearby Chelsea Barracks, recently purchased by Qatari investors for a large-scale redevelopment, will ensure significant value enhancement for this project and the entire surrounding area," he added.

"Investate along with leading regional developer Omniyat Properties will be engaging prestigious international architects and consultants to carry out an estimated $750 million residential development on the site, transforming it into one of the premium addresses in London," he said.

Set up last year, the company is owned by a number of Gulf-based investors. The shareholders who invested in the London acquisition included The First Investor from Qatar, Rashed Al Rashed & Sons Group from Saudi Arabia and Omniyat Holdings from the UAE.