A property which stands not far from Britain’s Monarchs Buckingham Palace is to be redeveloped after a financing deal with two Abu Dhabi financial corporations.
National Bank of Abu Dhabi (NBAD) and Abu Dhabi Financial Group (ADFG) have conjointly announced back in November 2014, a $490mn finance deal for the project to refurbish an existing 5 storey Victorian building structure into a 72 high-specification apartments block.
It is scheduled to be completed in late 2017.
More recently, Middle Eastern investors have shown renewed interest in London’s prime residential real estate sector, according to CBRE’s latest research paper.
CBRE, the world’s leading commercial property and real estate services adviser, in its London prime market post-election of May 2015 performance review, anticipates that Middle Eastern buyers will soon account for 25% to 30% of sales whereas before, they were never more than 20 %.
According to this report, activity in prime central London is set to return to previous levels as pent-up demand resurfaces. Prices in prime central London are anticipated to grow by some 7% in 2015, with a very possible total growth of 31% forecast over the next five years.
The report noted that high net worth buyers come to London attracted by reasons to notably include it’s unique lifestyle, culture, and ease of access.