Sidra Capital a Saudi, CMA regulated, Shari’ah compliant financial services company has announced that its latest redevelopment project in Central London has secured planning permission from the Westminster City Council. Sidra Capital is acting as the strategic transaction advisor for this luxury residential development in London.
The project comprises two Grade II listed buildings located on Chancery Lane, a prominent midtown WC2 post code area, in close proximity to Fleet Street, the Royal Courts of Justice, the City, Covent Garden and the West End.
“The net purchase price of these buildings was £28m. Phase one of the redevelopment is expected to start in Q4, 2015,” said Hani Baothman, CEO of Sidra Capital. “At the end of phase one, 36 of the overall 49 luxury apartments will be completed. The Gross Development Value of the entire project, which has attracted many Saudi and international investors, stands at approximately £67m,” he added.
Abdulrazzak Elkhraijy, Chairman of Al Murjan Group, spoke about his company’s rationale for investing in the Chancery Lane project: “We have a long and trustful partnership with Sidra Capital and knowing that they are retained as strategic transaction adviser for this project made us even more firm in our decision to further invest into Central London and in this high-end residential project. This investment falls in line with our global real estate investment strategy. London is considered to be a safe haven for real estate investment and between 2010 and 2014 London house prices produced annual average growth of 7.7 per cent, compared to a UK average of 3.3 per cent p.a.”
The overall project will convert the existing buildings into 49 luxury apartments ranging from studios to 3-bedroom penthouses to cater to the increasing demand for such offerings by domestic and international buyers. Other value-add specifications such as security and concierge services will also be included in the project.
Sidra Capital was retained as the transaction strategic adviser whilst Archvade Limited was retained as the development manager.The property and investment manager is 90 North LLP, an independent investment advisory firm specialising in Shari’ah compliant real estate investments.