Middle East investors looking to kickstart stalled UK projects
A London-based investment company, backed by wealthy Middle Eastern clients, is asking architects to come forward with mothballed schemes with an eye to pumping in ‘kickstart’ cash
Warwick Avenue Investments (WAI), which already has a cash pot of almost £20 million and the backing of ‘sheikhs, Russian billionaires and Premiership footballers’, claims the funds could help rescue developments which have hit the buffers.
WAI’s David Rees, an architect himself, said, if the right schemes came up, projects could be on site ‘within six weeks’ and the outfit is currently seeking out schemes in London, with planning permission and worth more than £2 million.
Rees said: ‘The weakness of the pound means investors are looking at the UK and this is about foreign investment looking to kickstart projects here.’
‘The credibility of the Warwick Avenue brand should give some security to architects.’
He added: ‘We don’t go chasing rainbows and we are genuinely hoping this will stimulate quite a lot of schemes.’
Rees said he has already been talking to three architects about potential restart deals for ‘dormant’ designs including; Amin Taha Architects’ Cheyne Walk development next to the Thames, PDD Architects’ stalled Park Road project in St. John’s Wood and an eco-house scheme in Blackheath by the Brunton Boobyer Partnership.
Amin Taha said: ‘Rees has stepped in at Cheyne Walk, potentially aiding the sale and ultimately the completion of its construction.’
Rees can be contacted on email@example.com or through the Warwick Avenue Group (020 76453340).