GFH Financial Group (GFH), a prominent regional financial group,
announced that it has signed an agreement with Palace Revive Developments Limited worth £100 million to be a key partner in the prestigious No. 1 Palace Street development in central London, a project being developed by Northacre, the leading British developer.

Under the agreement, GFH will become a key anchor partner for more than 30% of the units in the development, which is located opposite Buckingham Palace.

Northacre’s name has become synonymous with revival projects of historically significant buildings in Prime Central London. These include No.1 Palace Street and The Broadway, which received planning consent from Westminster City Council last month for a million square foot residential led mixed-use development.

Commenting on the deal, Mr. Hisham Alrayes, CEO of GFH Financial Group, said: “We are delighted to partner with Northacre and No. 1 Palace Street in this prime London development. Located in the heart of Central London, No. 1 Palace Street will appeal to a broad range of regional and global investors. This will be a blue chip real estate asset for GCC investors who are looking to diversify their global investment portfolio. We have looked at various investment strategy parameters, and prime London property continues to be attractive with strong and robust demand from regional and global investors.”

Located in Buckingham Gate, No. 1 Palace Street includes 271,051 square feet of space adjacent to Buckingham Palace in the exclusive area between St James’s, Mayfair and Belgravia, the development of 72 luxury apartments, a restaurant and health centre and sets a new standard of living. The property embraces a variety of exquisite and classic styles of European architecture that have collectively dominated many of London’s streetscapes. The development is expected to be completed in 2018.

Mr. Niccolo Barattieri, CEO of Northacre, added: “We are pleased to establish a relationship with a prominent GCC investment group like GFH. Northacre has a long and valued association with GCC investors and we look forward to taking this relationship to the next level. Prime properties in Central London has been a preferred investment for GCC investors and we are confident that No. 1 Palace Street will be an attractive and unique investment proposition with a majority of units now sold and exchanged.”

Balfour Beatty has been selected by Palace Revive Development Ltd to deliver the pre-construction services contract for a £130 million renovation and new-build scheme on No. 1 Palace Street, in St James’ Park, London.

Balfour Beatty will collaborate with the London-based development company Northacre and Palace Revive Development Ltd to deliver pre-construction services including programming and procurement, in the lead up to the full construction contract award which is expected in early 2016.

The full scheme will involve refurbishment of the existing six-storey listed building, construction behind retained facades and a complex four-storey basement build.

Once complete, the development will house 72 apartments, many of which offer unique views over the gardens of Buckingham Palace. Residents will also enjoy more than 10,000 sq. ft. of leisure facilities, including a state-of-the-art gym, swimming pool and a wellness centre. The site will encompass five architectural styles, ranging from French Renaissance to Contemporary, with a Grade II listed retained façade.

Construction is due to start in early 2016 following full contract award and is scheduled for completion by the end of 2017.

Dean Banks, Balfour Beatty Managing Director of the UK Construction business, said: “I am very pleased that our technical solution to the construction of this complex build has been embraced by Palace Revive Development Ltd and Northacre. Our proven ability to succeed in constrained construction environments in busy city centres means we are well suited to this prestigious project and we look forward to securing the full contract award early next year.

“Balfour Beatty is committed to delivering first-class projects with selected partners that utilise our industry leading expertise and our work on this luxury residential build is a prime example of this.”

1 Palace Street in London SW1 - new on Buildington!