£190m London residential development tops out with 'new levels' of interest post-pandemic

A £190m residential development in London has topped out and is on track for completion in 2021.

101 on Cleveland, which is in Fitzrovia, is a joint venture by Art-Invest Real Estate UK, German real-estate developer and operator ECE, and Dukelease Properties, and will create 103 homes.

The development will also provide commercial space, and the companies have said that it is attracting “new levels” of buyer interest following the pandemic.

Ali Abbas, managing director of Art-Invest Real Estate UK, commented: “I am proud of our highly experienced team who have navigated through these challenging times to maintain our completion schedule.

“The pandemic has posed challenges for all global economies but as we now begin to look forward London will maintain its ‘safe haven’ and liquid status for international capital particularly as the result of the attractive exchange rate.”

Richard Leslie, CEO of Dukelease Properties, said: “During these unprecedented times the property and construction industry is more important than ever to Britain’s economic revival.

“It provides over two million jobs and will be one of the mainstays of our economy as people begin to return to work in other industries.

“Through the efforts of all the joint venture partners, contractors and subcontractors, construction at 101 on Cleveland has continued and we are excited to have reached this milestone on schedule.”

Henrie W. Kötter, CIO and managing director of ECE, added: “We are very pleased with the good progress this project has made and remain optimistic that the demand continues in these challenging times.

“This project has marked our entry into the British real estate market, and we have since continued to invest.

“We are convinced that especially the UK residential market is very promising and resilient, and we continue to search for opportunities here.”