ALLOYMTD OPTIMISTIC ABOUT LAUNCHING NEW LONDON DEVELOPMENT
KUALA LUMPUR: Malaysian conglomerate, AlloyMtd Group via its wholly-owned subsidiary, MTD Capital Bhd is continuing with their plans to launch their One Crown Place development in London’s EC2, following the outcome of the EU referendum.
Group President and Chief Executive Officer, Tan Sri Dr Azmil Khalid said the development is on track and is set to be launched early next year. “London remains an attractive investment destination for us as the key supply and demand fundamentals of the property market have not changed. The factors that make London an appealing place to live and invest, such as the education system and a stable economy, remain the same and will continue to stimulate growth,” he said.
One Crown Place is situated on the edge of the City of London in the EC2 postcode. The site is bordered by Earl Street, Crown Place, Sun Street and Wilson Street, in an enviable location at the confluence of some of London’s most prosperous and fast growing markets. Its Zone 1 location has excellent transport links with Liverpool Street (National Rail and multiple underground lines), Shoreditch High Street (Overground), Old Street (Northern line) and Moorgate (Northern, Circle, Hammersmith & City and Metropolitan lines) all within half a mile or 5 minutes’ walk from the site.
Most of London’s top universities are located in Zone 1. University College London (UCL), King’s College London, London Metropolitan University and the University of the Arts are all within 25 minutes from One Crown Place.
Branded as Ardeir, meaning ‘to glow’, the unique feature of this scheme is its combination of modern cutting edge architecture housing a mix of modern offices with spectacular apartments on the upper floors. In contrast, the last remaining complete row of Georgian houses in the area fronts the scheme. They are to be sensitively restored to their former condition, to house a Clubhouse for the residents together with a boutique hotel.
Tan Sri Dr Azmil said that Ardeir, which has a gross development value of circa £500 million, marks AlloyMtd’s re-entry into the London real estate market. Between 1996 and 2000, the conglomerate had a one-third stake in Spitalfields Development Group (SDG), a joint-venture company that undertook the Spitalfields Market redevelopment through its subsidiary Metacorp Berhad. Metacorp sold its stake to British property development and investment company Hammerson PLC in 2000.
The Ardeir development, designed by architects Kohn Pedersen Fox (KPF), is expected to be completed in 2020. KPF’s previous works include the Heron Tower in London and Hudson’s Yard in New York, Northeast Asia Trade Tower in Incheon, South Korea; the Hong Kong International Commerce Centre; and, Shanghai World Financial Centre.
“With the combination of KPF’s design expertise, CBRE London’s development & project management services and AlloyMtd’s experience in property development, we believe Ardeir has what it takes to be a landmark development in the City/Shoreditch area, which is an inner city district in the historic East End of London and modern Central London.”, said Dr Azmil.
Once completed, Ardeir will house two residential towers located above a podium office space to meet the requirements of the modern day occupiers who want to live and work in the same area. The residential accommodation will provide a total of 246 private apartments.
The office space is to be housed in two buildings; a new podium building and the refurbished 54 Wilson Street building, providing 125,000 sq ft and 25,000 sq ft of net floor area respectively. Retail space is to be distributed across the ground floor of all of the buildings. The Sun Street Georgian terraces will house a hotel and leisure/restaurant space of circa 22,000 sq ft of net area.
According to Dr Azmil, the conglomerate is expected to sign a contract with a tier one construction company shortly, to help transform the 0.94-acre site.
“Ardeir has attracted the best quality construction firms and we are currently in final talks with one that can help transform the site. We hope to sign a contract with them before end of this year,” said Dr Azmil.
The demolition of the existing buildings, save for the Georgian Terraces, the façade of the Victorian Warehouse and 54 Wilson Street has all been completed. The Sun Street terraces stabilisation works and the enabling works have commenced.
The One Crown Place site may well represent one of the last few exciting opportunities for a complex mixed-use development in this part of London.
About AlloyMtd Group
AlloyMtd Group is a multinational infrastructure-based company headquartered in Kuala Lumpur, Malaysia. It is active in 15 countries with investment portfolios in properties & real estate, civil engineering & construction, manufacturing of precast related products, infrastructure concessions (ranging from tolled highways, ports to IPP), operations & maintenance.
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