GFH Financial Group (GFH), a prominent GCC-based financial group, has signed an agreement with Palace Revive Developments Limited worth £100 million ($142.7 million) to be a key partner in the prestigious No 1 Palace Street development in central London.
The project is being developed by Northacre, a leading British developer.
Under the agreement, GFH will become a key anchor partner for more than 30 per cent of the units in the development, which is located opposite Buckingham Palace.
Northacre’s name has become synonymous with revival projects of historically significant buildings in Prime Central London. These include No 1 Palace Street and The Broadway, which received planning consent from Westminster City Council last month for 1 million sq ft residential led mixed-use development.
Hisham Alrayes, CEO of GFH Financial Group, said: “We are delighted to partner with Northacre and No 1 Palace Street in this prime London development. Located in the heart of Central London, No 1 Palace Street will appeal to a broad range of regional and global investors. This will be a blue chip real estate asset for GCC investors who are looking to diversify their global investment portfolio. We have looked at various investment strategy parameters, and prime London property continues to be attractive with strong and robust demand from regional and global investors.”
Located in Buckingham Gate, No 1 Palace Street includes 271,051 sq ft of space adjacent to Buckingham Palace in the exclusive area between St James’s, Mayfair and Belgravia. It includes the development of 72 luxury apartments, a restaurant and health centre and sets a new standard of living. The property embraces a variety of exquisite and classic styles of European architecture that have collectively dominated many of London’s streetscapes. The development is expected to be completed in 2018.
Niccolo Barattieri, CEO of Northacre, added: “We are pleased to establish a relationship with a prominent GCC investment group like GFH. Northacre has a long and valued association with GCC investors and we look forward to taking this relationship to the next level. Prime properties in Central London has been a preferred investment for GCC investors and we are confident that No. 1 Palace Street will be an attractive and unique investment proposition with a majority of units now sold and exchanged.”
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