AlloyMtd appoints Mace to undertake redevelopment of One Crown Place in London

KUALA LUMPUR (March 13): Malaysian infrastructure conglomerate AlloyMtd Group has appointed international consultancy and construction firm Mace to undertake the redevelopment of One Crown Place, which has a gross development value (GDV) of £500 million (RM2.71 billion), in London’s EC2.

AlloyMtd said in a statement yesterday that Mace was chosen because of its experience in building high-quality and complex developments.

The redevelopment will feature two residential towers located above a podium office space. The residential accommodation will provide a total of 246 private apartments.

“The office space is to be housed in two buildings — a new podium building and the refurbished 54 Wilson Street building, providing 120,000 sq ft and 20,000 sq ft of net floor area respectively. Retail space is to be distributed across the ground floor of all of the buildings," said AlloyMtd.

Construction is due to commence on the site next month, with completion in the fourth quarter of 2020.

“The development offers the highest standards in both residential and retail with top British design, creating a new live-work hub right on the edge of the City of London that is not just Monday-Friday, nine-to-five,” AlloyMtd chief executive officer Tee Kim Siew said.

The development, designed by architects Kohn Pedersen Fox, is situated on the edge of the City of London in the EC2 postcode. The site is bordered by Earl Street, Crown Place, Sun Street and Wilson Street.

The development also features the last remaining complete row of Georgian houses in the area. Measuring 22,000 sq ft of net area, they are to be sensitively restored to their former condition and will house a clubhouse for the residents, together with a boutique hotel — which will be operated by Bespoke Hotels — which includes a destination restaurant.

Global property firm CBRE was appointed by AlloyMtd in 2015 to act as development manager, to sell the 0.94-acre (0.38ha) site’s 246 private apartments and lease 140,000 sq ft of commercial space.

AlloyMtd acquired One Crown Place in 2013 from UBS. The development marks AlloyMtd’s re-entry into the London real estate market.

Metacorp Bhd, a wholly-owned subsidiary of AlloyMtd, was an equal partner in the Spitalfields office development in London between 1996 and 2000. Metacorp sold its stake to British property development and investment company Hammerson plc in 2000.

On Oct 14, 2016, AlloyMtd, via its wholly-owned subsidiary, MTD Capital Bhd, announced that it was continuing with its plans to launch its One Crown Place development in London’s EC2, following the outcome of the European Union referendum. It was originally set to be launched early last year.

This article first appeared in The Edge Financial Daily, on March 13, 2018.

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