Bahrain VCBank acquires prime UK property
London, June 16, 2013
Bahrain-based Islamic lender Venture Capital Bank (VCBank) said it has successfully completed the acquisition of Mayfair Chambers, a prime boutique “new-build” freehold residential development in one of the most famous districts in Central London.
The unique investment opportunity comprises a building currently being developed to house six luxurious residences designed and finished to the highest standard. Construction of the development has commenced and delivery of the apartments is expected in April 2014.
Close to Berkeley Square and Grosvenor Square, Mayfair Chambers is situated in the genteel Mayfair Conservation Area, at the very heart of the London borough of Westminster. Bounded to the west and south by Hyde Park, St James’ Park and Green Park, Mayfair is one of the Capital’s most eminent residential districts.
Inspired planning and design will ensure that every apartment within Mayfair Chambers will be a residence of the highest specification.
Reinterpreting the architectural richness of its surroundings, Mayfair Chambers will present classically modern elevations of red brick and elegantly proportioned windows framed by Portland stone. The developer assembled a professional team, from contractors to consultants, and has commenced works on the site already.
CEO Abdullatif Mohamed Janahi said: "We are truly excited about this opportunity. This acquisition adheres to VCBank’s investment strategy which seeks to diversify the investment portfolio geographically and industry wise, while targeting high quality, stable assets with attractive valuations."
"Close to Oxford Street and one of the finest shopping streets in London; Bond Street, the development is underpinned by its prime location Mayfair, which is considered to be one of the most prominent areas in London," he added.
According to him, VCBank has been working on this exclusive development and investment opportunity for several months.
The bank, he stated, had spent time with the developer to understand the degree of detail and planning put into Mayfair Chambers.
"We have also engaged Trowers & Hamlins – a reputable international law firm- to conduct a full legal due diligence on the site and offer advice given the new changes in the tax regime addressing matters such as stamp duty land taxes, capital gain taxes, and annual tax on enveloped dwellings (ATED)," said Janahi.
"We believe, the location, level of sophistication, and scarcity of similar projects in Mayfair makes this an attractive investment opportunity," he added.-TradeArabia News Service
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