YOO PARTNERS WITH GAMUDA
YOO PARTNERS WITH GAMUDA
YOO PARTNERS WITH GAMUDA IN ACQUISITION AND REDEVELOPMENT OF ALDGATEPROPERTY
As part of YOO Development’s emerging pipeline of projects across London, Yoo is announcing a joint venture project involving the off-market acquisition of 35a Commercial Road, Aldgate, London E1 1LB in partnership with Gamuda Land. The 36- unit residential block is on Commercial Road, conveniently situated near Aldgate and Aldgate East underground stations at the junction of the City and London’s hip and vibrant East End. The property comes with an existing planning consent for expansion.
Current plans for the site are for it to be re-developed into a community focused micro-living development, it will feature individual studio apartments with communal space and shared amenities such as dining and cooking spaces within a central “common house”, providing a focal point where the community can eat together and socialise. Microliving is seen as part of the solution to address the urban housing crisis in many cities.
YOO Development – which is part of the international YOO Group (the world’s largest non-hotel residential brand) – specialises in intricate mixed-use solutions which capitalise on the Group’s heritage in design and lifestyle focused residential, hospitality and commercial projects; it will also be Development Manager for the project.
John Hitchcox, Founder of YOO commented, “With this acquisition we are expanding our range of investment and development activities; this is part of our wider ambition to challenge and improve modern ways of living, working and playing across London. We are pleased to work with Gamuda on this project, who share our firm belief that real estate is vital in building true community. Core to our strategy is securing assets in superb locations such as this property.”
Ngan Chee Meng, CEO of Gamuda Land commented, “This timely acquisition forms part of our ongoing expansionary investments into London and rest of United Kingdom real estate. We are pleased to partner Yoo, to further our ethos of creating holistic and sustainable communities not only focusing on the home place but also the play place, the work place and the learning place.”
Jonathan Lurie, Managing Partner at Realty Corporation, Gamuda Land’s advisor, adds: “We are delighted to partner with YOO Development, one of the most active and exciting real estate place-makers in the London market to acquire this asset, to reinvigorate and to reposition the units to meet the needs of a dynamic, growing population. With YOO Development, we are looking forward to delivering a high-service product in a compelling location.”