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Following our recent news articles that a new financial business district is to be constructed at the Royal Albert Docks, the announcement that the first Chinese luxury hotel to be opened overseas will be in London, indicates that Chinese investment in the capital’s property may be becoming a trend.
The company behind the 160-room, five-star hotel is Dalian Wanda Group, which has plenty of experience in the hotel and property development sector within China. This project will be its first major project in London, and will be worth around £700 million for the city.
The proposed site is in the London Borough of Wandsworth, overlooking the Thames and the hotel will be allocated 20,000 of the 15,000 square metres of construction space. The investment is a result of hard work and concentrated efforts on behalf of London’s promotional team of the Mayor of London – Boris Johnson – and City Hall, together with the business development organisation, London and Partners, to attract the Chinese company. The site is in Nine Elms, one of many areas being actively targeted by the Mayor and London and Partners for regeneration opportunities, and it is anticipated that the opening of the Northern Line Tube extension beginning in 2016 will bring more benefits.
Sally Brough, Associate Director of Morgan Pryce, comments, “This is a real coup for London and indicates that confidence in the capital is increasing, particularly from this region of the world – China – which is of ever increasing economic importance. It wouldn’t surprise me if over the next few years (or even months) we see a much more visible investment presence in London from the Far East.”
Other areas that have been pinpointed in terms of ideal places for investment in the capital are Vauxhall and Battersea. All these opportunities for rejuvenation, if taken – as in the case of Nine Elms and Wanda – will mean further office, residential and recreation development, creating thousands of new jobs for the city.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.