The Emirates based Gulf Islamic Investments (GII) Group have announced they have secured funding for the redevelopment of the prime Chelsea site at 2 Lucan Place, a converted police station formerly sold by the Met for £40 million in 2015.
The GII Group manage $3 billion on behalf of clients, including high net worth individuals, banks and sovereign wealth funds. Co-CEO, Mohammed Al Hassan, described the move as “a key milestone for us in the growth of our UK business.”
The plans reveal GII is set to transform the seven-storey building into 31 luxury apartments, alongside two commercial spaces. The development will also boast a private gym, concierge and valet parking.
HULT Private Capital’s Amrit Singh said “the acquisition of 2 Lucan Place to GII is fantastic news for the London property market. It is the latest announcement in a sure sign of international investment returning to the capital and the market regaining its strength.”
Recent studies by online property portal, Zoopla, have shown London rents have risen 11 per cent over the past year; news that will undoubtedly be welcomed by investors of developments such as Lucan Place.
The team at HULT Private Capital, who have offices in both London and Dubai, have recently welcomed a wave of new investors into their property fund, with many existing clients choosing to increase their position to benefit from the market movements. “We commented last year on the extraction of money from the capital, as many foreign investors had faced an extended period of uncertainty due to the pandemic and travel restrictions imposed as a result of it, but we are quickly seeing interest return and our rising property prices reflect this,” Singh commented.
If you’d like to find out more about taking advantage of the London property market, speak to HULT Private Capital on 02081235164 about their current investment opportunities.
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.