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Damac inks $263m construction deal for London residential scheme

Dubai’s Damac Properties has signed a £200 million ($263 million) deal with Australian contractor Lendlease to build its new AYKON tower in London.

The real estate developer was expected to announce on Tuesday that Lendlease would construct what will be Damac’s first development in the UK and one of London’s tallest residential buildings at 50 floors when completed in 2020.

AYKON London One is located in Nine Elms, a regeneration area on the south bank of the River Thames.

The total development value of the scheme is £645 million ($851 million) according to reports in the UK.

AYKON London One comprises include 360 luxury apartments designed by Versace Home, together with an allocation of affordable housing under London planning regulations, office, retail and amenities.

The tower is Damac’s first in the UK, although the company has viewed more than 30 sites across London and held talks with the mayor’s Greater London Assembly.

Damac Properties chairman Hussein Sajwani said: “AYKON London One is a landmark project and our first major international development outside of the Middle East.

“We have great confidence in the London marketplace and this project is already proving to be highly desirable to customers and investors from within the UK as well as other parts of the world.

“We are delighted to be working with a respected partner such as Lendlease.”

And Neil Martin, managing director of construction for Lendlease, also said: “We are excited that Damac has chosen Lendlease to deliver its flagship project in the UK.

“Our strategy of taking a selective approach to bidding is paying off, and is allowing us to focus on prestigious projects such as this one. We’re looking forward to building a strong relationship with the Damac team.”

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