Sunday 28, February 2016

Abu Dhabi – MENA Herald: Abu Dhabi Financial Group (“ADFG”), the multi-billion dollar alternative investment firm, today unveiled its stunning plans for the redevelopment of New Scotland Yard, a highly-desirable address known as “Ten Broadway”, following approval from the Planning Committee of Westminster City Council in London, UK.

Northacre PLC (“Northacre”), London’s leading developer of luxury residences, will manage and develop the vivid one million square feet project, creating a contemporary destination, comprising exceptional residential, office and retail space, in prime Central London. Set to complete in 2021, the impressive six building site has been designed to reflect and embrace existing themes common to the local area.

Jassim Alseddiqi, CEO of ADFG, said: “The approval by Westminster City Council for the redevelopment of the Ten Broadway site is a major milestone in our ambition to replace a world famous headquarters with a world class premises. Throughout this process, the objective has been to create a modern and luxury mixed-use real estate, which complements and adheres to Westminster’s world-famous aesthetics. The architects have achieved this delicate balance and we look forward to supporting Northacre to create an exceptional new landmark for London. With the Ten Broadway and 1 Palace Street projects in development, ADFG is behind some of London’s most desirable new addresses and the largest projects undertaken in Central London this decade.”

Niccolò Barattieri di san Pietro, CEO of Northacre, added: “Ten Broadway will be a landmark mixed-use scheme of one million square feet, nestled between the historic attractions of Parliament and Buckingham Palace. The development is set to complete in 2021 and will feature six architecturally striking buildings, which will each offer outstanding views. The design has been carefully considered to incorporate materials sympathetic to the sandstone and brick of the area. Thanks go to our planning consultants, Bilfinger GVA and the architects Squires and Partners for their unwavering commitment to the scheme. We are very proud to have been awarded planning permission and look forward to starting work on creating an exciting new destination for Westminster.”

In a landmark deal, ADFG acquired New Scotland Yard from the Mayor’s Office for Policing and Crime (MOPAC) for £370 million (AED2.1 billion*) in December 2014. As development manager, Northacre has appointed the planning consultants Bilfinger GVA, and the architects Squires and Partners, to realise the scheme.

Through its majority stake in Northacre, ADFG is also involved in the redevelopment of No.1 Palace Street, situated in prime Central London adjacent to Buckingham Palace. With an expected completion date of 2018, this development will comprise 72 luxury apartments, a prominent restaurant and lavish health and fitness facilities within its 302,377 square feet.