JEDDAH – Al Murjan Group, a leading Jeddah-based conglomerate, recently obtained planning consent from the Westminster City Council (WCC), London on a redevelopment scheme for Vantage House, a property they acquired in January 2013. The planning permission received 3 months ahead of its original plan will allow Al Murjan Group to convert Vantage House from an office building into 20 luxury apartments in Central London. The project redevelopment value is estimated to be around £28 million and expected to be completed toward end 2015. The approved scheme envisages converting a 6-storey office building into 20 luxury apartments ranging from 1-bedroom to 4-bedroom penthouses to cater increasing demand for such offerings by domestic and international buyers. Other value-added specifications such as security, private cinema, car membership and concierge services will also be included in the project. Such scheme has been encouraged by the WCC in view of growing scarcity of residential properties within Central London. The appointed planner for the project is DP9, an experienced real-estate planner for Central London projects who has been involved in landmark projects such as the One Hyde Park, home to the most expensive flat in London. Other parties who worked on this project include 90 North LLP, an independent investment advisory firm specializing in Shariah-compliant real estate investments and Real Estate Resolutions, an experienced Central London real estate developer. Vantage House is located in London's midtown and provides a great combination of easy access to all of London, whilst benefitting from no passing traffic and having the Middle Temple Gardens and River Thames immediately to the south. Local landmarks around the vicinity include Covent Gardens, Royal Courts of Justice, Theatre Land, The Savoy and St Paul's Cathedral. Currim Oozeer, Deputy CEO of Sidra Capital, the strategic adviser to the project, said “this is another major milestone achieved for the project by the project team. This came following the successful vacant possession negotiation and with that the work on site is expected to commence in June 2014 till November next year. At the stage we are currently in and based on the continuing robust outlook in real estate in Central London, the project seems to be on track to achieve its development strategy. The investors continue to support the project notwithstanding their ability to exit at interim post planning permission. This project will be a good return enhancer to AMIH's global real-estate portfolio and from risk and return perspective are expected to further enhance AMIH's overall portfolio return.” – SG
