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Sun 28 Apr 2013 08:23 AM

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Luxury London developer chases UAE investors

Company behind Fitzroy Place to host investor roadshow in the UAE next week

Luxury London developer chases UAE investors
A rendering of one of the homes in Fitzroy Place, with views over London.

The developers of a prime central London real estate project arrived in the UAE on Sunday in a bid to secure investors.

Fitzroy Place will be showcased to potential investors on April 28-29 at the Emirates Palace Hotel in Abu Dhabi.

Comprising 235 private apartments in addition to over 300,000 sq ft of retail and restaurant space as well as educational facilities and public open space, the development is located in Fitzrovia, London W1, an area of London bordered by Mayfair, Soho, Marylebone, Bloomsbury and Regents Park.

Daniel van Gelder, co-founder, Exemplar, the developer of Fitzroy Place, said in comments published by news agency WAM: "Prime central London has long been a sought after destination for real estate investors from the UAE due to its strong rental track record and continued growth prospects, and its proximity to world-class education institutions, offices and tourist attractions.

"Fitzroy Place offers investors in the UAE a very unique opportunity to invest in a property in London which will see strong appreciation over the years."

London-based developers are increasingly looking to the oil-rich Gulf to sell new property amid a surge in sales in the wake of the Arab Spring.

Buyers from the UAE, Saudi Arabia and Oman accounted for 3.7 percent of all London property sales valued at £1m and above during 2012, according to data from real estate consultant Knight Frank.

Overseas buyers are traditionally more comfortable with purchasing off-plan real estate, Knight Frank said in its international residential investment in London report.

A spike in interest from foreign buyers has enabled developers to secure funding to develop schemes in a “housing market largely starved of development finance”, the report added.

In February, Jones Lang LaSalle said it had tied up with a number of British developers to offer new build property in London for investors in the UAE.

The agency has opened a desk in Dubai to offer real estate from developers, including the Berkeley Group, Barratt Homes and British Land, to tap into the growing demand for luxury property in London.

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