Damac to join hands with Versace Home for its first project in London
Damac Properties has released more details of its first project in London.
According to the Dubai-based developer, it has a 20 per cent share in a joint venture that is developing a 50-storey tower at Nine Elms.
The area is part of the Vauxhall district of London on the south bank of the River Thames. The tower will have 685,000 square feet of space for 450 apartments, 35,700 sq ft of office space and 7,800 sq ft of retail space, Damac said in a statement to the Dubai Financial Market.
Damac said the tower was likely to generate total sales revenues of about £500 million (Dh2.85 billion), but it would not book profits until the project was completed some time in 2020.
Meanwhile, Property Week, a publication based in Britain, said Damac would again partner the Italian fashion house Versace to create branded apartments at the tower.
Damac have joined hands with Versace Home, the interior furnishing arm of the fashion house, for projects in Saudi Arabia and Lebanon.
The 170-metre-high Nine Elms tower has earned the nickname “Jenga Tower” because a design featuring what appears to be overlapping sections of blocks secured planning approval from the London Borough of Lambeth last August.
It will feature luxury flats and will link to a lower-rise building housing offices, a number of affordable units built as part of planning conditions, and retail space.
Plans for the building had been submitted by the joint developers McLaren Property and Citygrove, who are understood to have sold the site to Damac and its partners in April.
Designs for the tower were created by the New York-based architecture firm Kohn Pederson Fox Associates.
A Damac spokesman said the company could not comment further on the project.
Damac’s first project with Versace was at the Al Jawharah Tower, which was completed on Jeddah’s corniche last year.
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Updated: July 6, 2015 04:00 AM