AlloyMtd to start RM2.67 bil One Crown project by November

PETALING JAYA (July 7): Infrastructure development company AlloyMtd Group has obtained approval from London Borough of Hackney (LBH) to redevelop One Crown Place, London EC2, in the UK, according to a report in The Edge Financial Daily today.

The redevelopment project also marks AlloyMtd’s re-entry into the London real estate and property market. The group had a one-third stake in the Spitalfields development between 1996 and 2000.

In its press statement, the company’s president and chief executive officer Datuk Dr Azmil Khalid (pictured, left) said it hopes to start the redevelopment project by November 2015 and the project gross development value is estimated at £451 million (RM2.67 billion).

The project, dubbed One Crown Place, will feature two separate residential towers located above podium offices. The design is aimed at meeting the requirements of the modern occupier alongside retail and residential components as well as a boutique hotel.

“We are delighted that LBH members see One Crown Place providing positive benefits to this part of London including new jobs and workspaces, additional housing provision including a big contribution for affordable homes as well as creating a brand new destination for Shoreditch,” said Azmil.

The project involves a net internal area (NIA) of 373,091 sq ft -- comprising 141,890 sq ft of office space and residential NIA of 200,041 sq ft with 247 apartments. The boutique hotel will be built on a heritage block, the early 19th century Georgian Terrace.

The One Crown Place is located between the City of London and Shoreditch, with strong rental demand from finance, legal, and technology companies.

AlloyMtd, through its subsidiary AlloyMtd (Jersey) Ltd has acquired One Crown Place two years ago from Sun Street Properties Ltd, a unit of UBS in June 2013. After the acquisition, AlloyMtd (Jersey) Ltd has submitted a planning application to LBH in March 2015 for a mixed use scheme.