Investors from the Middle East have purchased a substantial chunk of units at a Bahrain-backed residential project in London, according to the scheme’s representatives.
Some 40 percent of total reserved units at Paddington Gardens have been snapped up by Middle East buyers, encouraged by investment opportunities created by Brexit and the new west-east London Crossrail link that passes through the area, representatives said.
The scheme is being developed by Meritas Real Estate with Bahrain-based Ahli United Bank.
Designed by Assael Architects and Powell Dobson, it comprises four buildings set around an acre of gardens with 335 homes plus offices, restaurants, retail space, a primary school and 340-room hotel.
The first phase of residential development, called Drummond House, provides 95 one-, two-, three- and four-bedroom apartments across 18 floors.
A spokesperson for Meritas Real Estate said: “The two-bedroom apartments have proved to be really popular among Middle Eastern purchasers at the development, the majority of which are looking for a London home for when they visit.
“Buyers have also been lured by the investment opportunities created by Brexit, and Crossrail, which has boosted property prices in Paddington and supported long term growth in the area.”
Paddington Station Crossrail link is scheduled to open in 2018, reducing journey times to Bond Street in central London from 15 minutes to 3 minutes.
Real estate prices around Crossrail stations are rising by an average of 31 percent over the wider property market, according to research from CBRE.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.