SHUAA-backed Northacre chalks up a £7m sale at The Broadway

SHUAA-backed Northacre chalks up a £7m sale at The Broadway

Dubai: UK-based luxury property developer Northacre, a wholly-owned subsidiary of SHUAA Capital psc (DFM: SHUAA), is seeing marked growth in interest from buyers even amid global economic turmoil triggered by the coronavirus pandemic.

Northacre has continued its strong post-lockdown run of deals with the sale of a high-spec apartment in its first new-build and mixed-use project "The Broadway“ on London's Victoria Street for £7 million - a rate of £3,200 per square foot. The three-bedroom unit on the 14th floor boasts iconic views over Big Ben and other landmarks.

Being pitched as "a vibrant new quarter in the historic borough of Westminster“, the Art Deco-inspired scheme next to St James's Park tube station is one of the largest high-end residential-led new developments in central London.

Northacre is currently working on two big Prime Central London developments: The Broadway and No.1 Palace Street, both in SW1. The firm reported a threefold increase in sales enquiries in H1 2020, with a bumper start of the year in terms of actual sales.

SHUAA Capital Deputy CEO and Northacre Executive Director Mustafa Kheriba said he remains remarkably bullish about the effects of Covid-19 and post-pandemic prospects for the PCL property market.

The Broadway occupies the 1.72-acre former New