FORMER SCOTLAND YARD HQ TRANSFORMED INTO A VIBRANT RESIDENTIAL AND COMMERCIAL HUB THAT APPEALS TO AN INTERNATIONAL SET OF UPMARKET BUYERS
BY Chris Prasad
By now, it has become evidently clear that it will take more than Britain’s unceremonious divorce from the European Union to diminish global appetite for properties in its capital. In fact, some might argue that any economic fluctuations that have resulted from the move may have aided in putting a positive spin on London’s property market.
For one, international interest seems to have benefitted from the weaker pound sterling and low interest rates, as demand for quality properties in prime postcodes in Prime Central London have seen an uptick in the first half of the year. Also, with currency movements and price corrections across the wider prime London market, the costs for a purchaser buying a property in US Dollars has decreased by 30% over the last 3 years.
This is coinciding with the general buzz that is being generated by a number of rejuvenation and redevelopment projects in the city, which has reopened opportunities to invest in historically significant sites in the traditional heart of what is universally acknowledged to be the world’s first global city.
Overall, these factors are now combining to expand London’s property appeal to a wider spectrum of global property investors. Interestingly, according to research by real estate consultancy Cushman & Wakefield, Asia Pacific investments are now at a five-year high and account for almost half the deals in the first six months of 2017.
Given this, it is not surprising that a number of upmarket developments are reaching out by marketing directly to the region. Among the most exciting is a luxury development called The Broadway that is likely to lure high nett-worth South East Asian investors with its promise of historic appeal and a highly strategic location.
The new residential and commercial scheme by London developer Northacre and Abu Dhabi Financial Group (ADFG) is located at the former New Scotland Yard headquarters in tremendously significant Westminster neighbourhood in Broadway. The project is envisioned to redefine how Londoner’s live, work and play at the doorstep of the capital’s most iconic landmarks.
Targeted for completion by 2021, The Broadway, which will occupy 1.72 acres in the heart of London’s most historic borough, will be vibrant hub providing unrivalled views of The Houses of Parliament, Westminster Abbey, Big Ben, Buckingham Palace, the London Eye, St James’s Park, Horse Guards Parade and Green Park.
The development will feature six architecturally striking towers that will frame a significant 20,000sq ft public courtyard and pedestrianised piazza. Designed by the renowned Squire and Partners architectural firm, The Broadway will be fringed by a new array of shops, cafes and restaurants, and offer 355,000 sq ft of state-of-the-art residential space.
Located from fourth floor upwards are 285 exclusive apartments priced from £1.56m (RM8.72 million).
Additionally, two fourth floor landscaped podiums link the towers, providing a verdant private oasis for residents above the bustle of London’s heartland. At the doorstep is 25,800 sq ft of retail space, while 118,000sq ft of office space will appeal to a dynamic working crowd that will appreciate being in the heart of city’s action.
Each of The Broadway’s six buildings has been meticulously designed to protect the views that the conservation area dictates. Taking inspiration from these vistas, its architecture and facades of the project creatively frames each outlook, flooding every apartment with light and allowing most residents to enjoy double aspect views across the city’s iconic skyline.
Inspired by the design of the facades, each building has been named after three of the world’s most revered diamonds; The Sancy, The Paragon and The Cullinan.
The Broadway also provides 16,000sq ft of health, fitness and spa amenities that offer residents opportunities to relax and recharge in an exceptional setting. Facilities include a 25m pool, gym and personal training studio, treatment rooms and a spacious state-of-the-art games room – which can be booked by residents as additional entertainment space.
There are also well-equipped meeting rooms, a screening room and extensive parking facilities.
Over and above its 15 minute proximity to the exclusive shopping boulevards of Bond Street, Oxford and Regent Street, The Broadway benefits from a world-class range of educational institutions.
For example, the nearby Westminster School located next to the iconic Westminster Abbey, boasts a high number of graduates that get accepted at Oxford and Cambridge University. Meanwhile, the neighbouring University College London and Imperial College London are ranked amongst the top 10 universities worldwide.
The site is also strategically connected with the underground stations of Westminster and St James’s Park, while London’s central transportation hub, Victoria Station, is also located nearby.
According to Northacre chief executive officer Niccolò Barattieri di San Pietro, buyers are seeking out properties with value, quality and cultural heritage in London and this trend is rapidly growing among affluent Asian buyers.
“We are looking forward to creating another prestigious neighbourhood in London; a vibrant new hub for an area, which despite its unrivalled location, views and transport, has long been undervalued,” he said.
Northacre is a developer with a long history of specialising in revival projects. The company has a track record of generating a substantial uplift in residential values for the surrounding vicinities of every Northacre-managed Prime Central London scheme.
In the last 25 years, Northacre has delivered more than 630 properties in London’s most sought-after addresses with a value of more than £1.25 billion. Northacre currently has a strong development pipeline in place with a predicted Gross Development value of £2 billion.
Meanwhile, chief executive officer of ADFG Jassim Alseddiqi said the acquisition of the former headquarters of New Scotland Yard and plans for The Broadway represent ADFG’s continued commitment to investing in unique and iconic developments in London.
“The Broadway represents the future of urban living, a thriving destination to live, work and play in a world class address surrounded by unparalleled views of London’s most famous landmarks,” Jassim said.
The Broadway is being marketed internationally by JLL and Savills. For more information on investment options visit www.thebroadwaylondon.com