Northacre Properties, the leading super-prime property developer, a subsidiary of SHUAA Capital, announces project completion for their landmark London scheme The Broadway in the heart of Westminster, SW1. The destination is set to become the wellness capital of London.
The UK property market is witnessing increased interest in Central London property from Gulf-based real estate buyers, thanks in part to the pound sterling dropping to its lowest against the dollar since March 2020. The new influx of Middle Eastern investment into the UK has been particularly prevalent within prime central London*, and many property buyers are citing the UK’s ease of lockdown restrictions as a major catalyst for prospective buyers**.
The Broadway is one of Central London’s largest prime residential sites, 1.72 acres, its completion marks an exciting new chapter for the established Central London property developer with over 30 years’ experience in creating exceptional living experiences in some of London’s most desirable addresses.
The former site of the Metropolitan Police Headquarters was acquired by SHUAA Capital back in 2016 for £370m. Working with renowned architects Squire and Partners and main contractors Multiplex, the six architecturally striking towers at The Broadway provide 355,000 sq. ft. of high-end residential space, including 16,000 sq ft of health and wellness facilities and a total of 258 apartments. Alongside the residential, the development provides 116,000 sq. ft. of office space, and 27,000 sq. ft. of retail alongside a dynamic new public thoroughfare, Orchard Place, that aspires to be the wellness capital of London. A new contemporary lifestyle destination, imagined to encourage wellness and wellbeing, nourish its community and reinvigorate the historic borough of Westminster. The site was once home to the verdant orchards of Westminster Abbey, and the design seeks to evoke this piece of history through the considered planting at street level and two beautifully landscaped fourth-floor gardens, which will provide an elevated urban oasis above the bustle below.
The completion of Northacre Properties’ landmark project sees the company embrace a new strategic direction and vision as they look to become the global leader in sustainable real estate and wellbeing, working exclusively on projects that share a common mission for achieving environmental, wellbeing, social and economic focused goals for both people and businesses.
Jassim Alseddiqi, Managing Director of SHUAA Capital and Chairman of Northacre comments:
“In 2016, we acquired the former Metropolitan Police Headquarters site, and at the time it was the biggest land deal in the Capital since the Brexit announcement. We moved on to achieve Section 106 planning permission in fewer than six months which is a testament to the Northacre team for driving such a successful and well- received proposal. Completing the project on time is a momentous milestone and rounds off an exemplary construction programme.”
Walid El-Hindi CEO of Real Estate SHUAA Capital and Group CEO of Northacre comments:
“We are thrilled to have reached project completion at The Broadway. As one of the largest residential developments in Central London this has been a gargantuan task for our team and project partners and one I am immensely proud of.
This unique 1.72-acre site presented us with an entirely blank canvas, allowing every aspect of the development to be crafted with uncompromising care and attention. Furthermore, it provided the opportunity for us to bring something entirely new into the heart of one of London’s most historic areas; something reflecting traditional British craftsmanship reinvented with a contemporary twist
I am hugely excited about the future of this location as we now work to deliver Orchard Place, the future wellness capital of London. With this destination, we seek to bring together the community alongside a myriad of uses to ensure a vibrant and exciting location with people at its heart. In the coming months we look forward to revealing our anchor tenants that will play a huge role in creating a wellness destination London has not seen before.
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.”
