KUALA LUMPUR (July 6): AlloyMtd Group said it has received unanimous approval from the London Borough of Hackney (LBH) Planning Committee on its plans to redevelop One Crown Place London EC2, which it expects will commence by November 2015.

In a statement today, AlloyMtd said the development has a gross development value (GDV) of £451 million (RM2.67 billion). The development marks the group’s re-entry into the London real estate and property market. The Group had a one-third stake in the Spitalfields development between 1996 and 2000.

“We are delighted that LBH members see One Crown Place providing positive benefits to this part of London including new jobs and workspaces, additional housing provision including a big contribution for affordable homes as well as creating a brand new destination for Shoreditch,” said AlloyMtd group president and chief executive officer Datuk Azmil Khalid.

AlloyMtd said the the planning application was submitted to LBH in March 2015 for a mixed use scheme on the 0.93-acre freehold site, which will feature two separate residential towers above podium offices, alongside retail, and a boutique hotel.

The total net internal area (NIA) of 373,091 sq ft includes office NIA of 141,890 sq ft, residential NIA of 200,041 sq ft or 247 apartments. The boutique hotel will be built on a heritage block — early 19th century Georgian Terrace, said AlloyMtd.

One Crown Place was acquired by AlloyMtd (Jersey) Ltd, a subsidiary of AlloyMtd, from Sun Street Properties Ltd, a unit of UBS in June 2013.