INDUSTRY NEWS

South Bank targeted for Gulf investment

London’s South Bank is the location for a potential $750 million (£375 million) development following the purchase of a waterfront plot by Bahrainian investors.

Investate Reality has bought the Tideway Industrial Estate and intends to develop the 4.5 acres into profitable commercial property.

"I am immensely proud that Investate has successfully completed an acquisition of this significance in the highly competitive London market at such an early stage in Investate’s history," chief executive officer, Salah Nooruddin, told Gulf Daily News.

He predicted the site will return profits of 120 per cent over four years and said he expected to make further "exciting announcements on this and other projects in the near future".

The site was bought from a pension fund after commercial property prices fell recently by almost 25 per cent.

British Land’s chief executive officer, Stephen Hester, has warned any recovery in commercial property prices will not arrive till after 2009.

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