Dubai: Shuaa Capital’s prestige project in London, The Broadway, recorded sales of more than 40 million pounds in the last six months. Clearly, these investors are not willing to be distracted by worries related to the UK economy’s contraction post-pandemic or a messy outcome on Brexit before year-end.
The Broadway’s success mirrors market talk that UAE and Gulf based investors are putting in more money into the UK residential market, further aided by the UK government’s moves on stamp duties.
The Broadway is also hitting milestones on the project side, with the topping up being done – with the final piece at the highest point on the structure, which is the 19th floor. The project is developed by Northacre, one of Shuaa’s group companies, and located in pricey Westminster. It sits on the site of the former New Scotland Yard Metropolitan Police Headquarters.
“We recently highlighted the continuing demand for Northacre’s projects, underpinned by attractions of the Prime Central London market coupled with the momentum fostered by the UK governments changes to Stamp Duty Land Tax,” said Mustafa Kheriba, Deputy CEO at Shuaa and Northacre’s Executive Director.
Ample in proportions
Currently one of the largest constructions in Central London,The Broadway will create 355,000 square feet of residential space, apart from 117,000 square feet of office and 27,000 square feet of retail.
Niccolò Barattieri di San Pietro, Chief Executive at Northacre, said, “This is an exciting milestone in the making of our first mixed-use development, creating one of the largest - if not the largest - high-end residential schemes in London. We knew that we would be maximising the views offered by this development... but it is simply breathtaking to look out across London’s most iconic landmarks both old and new.”