Amazon Property and British Land launch Dh870m project

Amazon Property is a specialist in luxury prime Central London residential development and British Land is one of Europe's largest publically listed real estate companies.

UK developers Amazon Property and British Land launched £150 million (Dh870 million) The Hempel Collection project at Cityscape Global and top officials said the response had been extremely well even for penthouses.
Amazon Property is a specialist in luxury prime Central London residential development and British Land is one of Europe's largest publically listed real estate companies. The Hempel Collection is a new residential development overlooking Hyde Park in one of Central London's most exciting new hotspots.
"At the Cityscape we had a lot of interest. We had fifty plus serious enquires, which is quite encouraging," Amazon Property director Chris Lanitis told Khaleej Times during an interview. The company is planning an exclusive two-day exhibition starting from September 26 at Emirates Towers in Dubai for the project, Lanitis informed.
The Hempel Collection is a new development in Bayswater, W2, located on the footsteps of Hyde Park, comprising 33 premium residences set behind a period façade and uniquely arranged around a stunning private garden square.
The first element of the scheme to complete is Hempel Square, which comprises 12 lateral apartments and three townhouses. Hempel Gardens, which completes in Q2 2016, contains 18 lateral apartments directly facing the private garden square. Prices start from £3.5 million for a three-bedroom apartment and from £3.4 million for a three-bedroom townhouse.
"London is a safe haven for international property investors and many have seen strong returns in recent years. Forecasts for house price growth in London remain positive and Strutt & Parker predicts six per cent growth per annum in prime central London from 2016-2018. Combine this with the quality of properties available in the capital and Middle Eastern investors can feel confident they are making a solid investment decision," Lanitis explained.
The Hempel Collection combines contemporary stylish interiors with the traditional character and charm of the building's white stucco exterior - an unusual, highly sought after combination in prime central London.
Jean-Marc Vandevivere, head of Residential, British Land, said: "As well as offering luxury living in a charming and traditional setting, this development also presents an attractive investment proposition for buyers, with the arrival of Crossrail and the wider improvements being made to W2, the area is likely to see price growth over the medium term."
Simon Fernandes, Associate Partner in Strutt & Parker's London Residential Development & Investment team, who are joint selling agents on The Hempel Collection alongside Knight Frank in London, said: "We have seen a notable increase in enquiries and sales from Middle Eastern buyers across the central London new build market over the past 12 months - particularly from Dubai, Abu Dhabi, Saudi Arabia and Kuwait."
"The majority of purchasers are looking to spend between £1 million and £1.5 million but we have seen some transactions over the £3 million mark. We believe this uplift in demand is driven by a variety of factors, including the favourable exchange rate, the general instability across the Middle Eastern region and oil price trends. We expect Middle Eastern buyers to be attracted to The Hempel Collection due to its traditional heritage architecture and prestigious position in Bayswater so close to Hyde Park," Fernandes said.
Situated north of Hyde Park and nestled between affluent Notting Hill and Maida Vale, the area is currently undergoing a major transformation which is set to turn it into one of the most desirable locations in which to live in the capital. This will be bolstered still further by the arrival of Crossrail, a major new railway line connecting the east of London to the west. Crossrail will reduce journey times from this part of London to 10 minutes to Liverpool Street, 17 minutes to Canary Wharf and 23 minutes to Heathrow Airport.
The new line will also significantly impact prices in this part of the capital. Knight Frank forecast a 40 per cent rise in house prices from the start of 2013 to the end of 2018 across the prime central London Crossrail locations.
- abdulbasit@khaleejtimes.com