Northacre goes global as brand adopts health and wellbeing mission

Northacre , the Dubai-backed property developer, is rebranding across its European and GCC business as part of a relaunch that focuses its operations on the health and wellbeing of the residents and communities touched by its projects. Completing two large London developments in July and September puts Northacre at the forefront of development in the city and it will in future be the holding company for all real estate platforms of parent firm Shuaa Capital. Northacre’s operations will be built on three verticals — property development, asset management and investment. “We have really searched deep in the last eight to 10 months. And since I've come on board we have looked at real estate holistically for the group and put together a strategy,” Walid El Hindi, Northacre Group chief executive, told The National . “The beauty of this is that you get to have teams that are actually collaborating together and learn from each other and support each other among all three verticals. “We like our asset management team sitting alongside our development management team, early on to advise on how this building should be designed from the get go, rather than coming in after delivery and taking over a building. The impact of having them at the table early on is essential.” The company said its biggest differentiator would be its approach that is underpinned by a core purpose to enable healthier and longer lives. “Our developments aim to be environmentally sound and serve the wellbeing of residents, community and society at large. Our sustainable business practices reduce our carbon footprint and will ultimately achieve net-zero emissions by 2050,” it said. “The idea of understanding how to develop products that are good for the health of the people that live there and good for the health of the community that live there; good for the mental health and the physical health and the social health of everybody ― that's going to be the differentiator,” added Mr El Hindi. The company was acquired by Abu Dhabi Financial Group in 2013 before it merged with Shuaa Capital in August last year. “Northacre is changing because Northacre was focused on central London but as a group we are focused on the GCC and London and Europe,” he said. The post-pandemic trends of home working and flexible office hours is driver of some of the concepts that Northacre wishes to bring to its developments, in terms of offering social, food and beverage and office environments. “It's actually a very wide-ranging formula that we're bringing in,” he explained. “We’re partnering with many different consultants across the world that are actually specialised in the field of health and wellbeing. “Obviously the pandemic has a lot to do with our new thinking. The effect of the pandemic had a lot to do with the new direction of the business [after all] the wellness industry is a $4.4 trillion industry and was already a very big industry” he said. “I think we've endorsed a big shift. It’s really not a trend it is a lifestyle that's evolving in front of our eyes and we would like to be one of the first that can claim that we are a catalyst of change in the real estate industry when it comes to health and wellbeing.” The first of its current two London projects, The Broadway, is located on the site of the former New Scotland Yard Metropolitan Police Headquarters, which ADFG bought from the Mayor’s Office for Policing and Crime in 2014 for £370 million. It will be turned over in July. Originally set for a 2021 completion date, the mixed-use development will provide 258 apartments across six residential towers, comprising 32,981 square metres of space, alongside offices and retail outlets. Prices start at £1.75m, with the luxury pads offering views across Westminster and St James’s Park, and features such as health, fitness and spa amenities, including a 25-metre pool and new street. A separate development at No 1 Palace Street, opposite the Buckingham Palace residence of the monarch, is due to complete in September. A total of 72 apartments will be presented as The St Regis Residences. The opening will mark the first standalone branded residential property for St Regis in Europe, and is set to deliver a new level of bespoke luxury living in the heart of the city. “I don’t think you can take a wrong view on central London regardless of the time,” said Mr El Hindi, underlining the future Northacre commitment to the city, even as the brand goes global.

Northacre goes global as brand adopts health and wellbeing mission

Company says its developments are designed to be environmentally sound and good for residents and wider society