06 October 2020
United Arab Emirates, 6 October 2020: UK-based luxury property developer Northacre, one of the group companies of SHUAA Capital psc (DFM: SHUAA), has topped out its latest mixed use development, The Broadway, in Westminster, London. “Topping out” is an important milestone in the construction of a building, celebrating the installation of the final piece of the structure or completion of the final floor, which in this case was the 19th floor, c. 75m high. This follows on from buoyant interest in the development throughout lockdown, with sales in the last six months totaling over £40 million.
SHUAA Capital Deputy CEO and Northacre Executive Director, Mustafa Kheriba, commented, “The topping out of The Broadway development marks significant progress for Northacre. We recently highlighted the continuing strong demand for Northacre’s projects, underpinned by attractions of the Prime Central London market coupled with the current momentum fostered by the UK government’s changes to Stamp Duty Land Tax. We remain confident about the outlook for Northacre’s business.”
The Broadway, which is located on the site of the former New Scotland Yard Metropolitan Police Headquarters, is one of the largest constructions projects in Central London. It will provide 355,000 sq. ft. of high-end residential space, alongside 117,000 sq. ft. of office space and 27,000 sq. ft. of retail units. There will also be 16,000 sq. ft. of health, fitness and spa amenities including a 25-metre pool and a 2,000 sq. ft. public courtyard.
Niccolò Barattieri di San Pietro, Chief Executive at Northacre, added, “This is an exciting milestone in the making of our first mixed-use development, creating one of the largest, if not the largest, high-end residential schemes in London. We knew that we would be maximising the views offered by this development but it is simply breathtaking to look out across London’s most iconic landmarks both old and new.”
Northacre is currently working on two Prime Central London developments: The Broadway and No.1 Palace Street. In July, the firm reported a threefold increase in sales enquiries in H1 2020, together with a strong start of the year in terms of actual sales.