Shuaa Capital subsidiary Northacre Properties has announced the completion of The Broadway, a luxury apartment development on the former site of London’s Metropolitan Police headquarters New Scotland Yard.
The property was acquired for £370 million (AED 1.6 billion) before an extensive redevelopment into 258 apartments, with sales prices starting from £1.75 million, according to a press release issued by Dubai-listed Shuaa today.
The company hinted that it plans to capitalise on increased interest in Central London property from Gulf and Middle East real estate buyers, attracted by the weak pound and removal of COVID-19 restrictions on travel to the UK.
“As the completion of this project draws to a close we are excited by our plans for the future to fund, develop and manage a diverse and unique portfolio of projects in the UK and the UAE, with a key focus on sustainability and enhancing the health and wellbeing in the spaces where people live, work, learn, and play,” said Walid El-Hindi CEO of Real Estate SHUAA Capital and Group CEO of Northacre.
Last week, Northacre parent Shuaa Capital said it was streamlining its business after Q2 losses.
Northacre was acquired by Abu Dhabi Financial Group in 2013, which later merged with Shuaa Capital.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)