Middle East developers make a record purchase

On his blog today, Richard Carr reports on one of the biggest ever property deals as London continues to attract foreign investment.

Foreign investment good for the UK

Richard Carr is a Commercial and Residential Development Consultant who is an expert in achieving planning on a variety of projects. His successful planning permissions range from commercial bars and nightclubs to residential flats and homes; examples of such can be found on the ‘Developments’ page of his website.

Richard Carr Scotland Yard

New Scotland Yard, London

Richard recently wrote that foreign investors should be welcome into the UK. The counter argument is that they are fuelling a property bubble, but he believes that they are of huge benefit to the local economy.

Sale money used to help improve policing

New Scotland Yard, the HQ of the Met police, was sold in late 2014 for £370 million to a Middle East Developer. Staggeringly, the Abu Dhabi Financial Group paid £120 million more than the asking price and now plan to develop luxury flats, on the site that overlooks Westminster Abbey.

The money invested will be used to help modernise front line policing in the UK explained Boris Johnson, money that wouldn’t have been available had it not been from foreign investment.

Mr Johnson said: “The sale of this under-used and outdated building means we can now not only protect that rich heritage, but also fund the new HQ and kit out bobbies with the latest mobile technology to secure the future of the force.”

The public purse will also be significantly heavier having received a huge windfall from stamp duty from the sale, which will help fund local schools and hospitals in the area.

The development is the second prestige deal for the Abu Dhabi developers in central London. The group is also developing a scheme for 72 luxury residential flast next to Buckingham Palace.

Excellent for the economy

You can read Richard’s blog on why foreign investment is good for the UK via his website. On this recent sale, he said that it was great news, keep the investment coming which will provide more jobs, economic activity and bigger GDP.