KUALA LUMPUR: AlloyMtd Group, the merged entity of MTD Capital Bhd and Alloy Consolidated Sdn Bhd, said it has received unanimous approval from the London Borough of Hackney (LBH) planning committee of its plans to redevelop One Crown Place, London EC2, in the United Kingdom, which it expects will commence by November 2015.

In a statement yesterday, AlloyMtd said the development has a gross development value of £451 million (RM2.67 billion). The development marks the group’s re-entry into the London 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 (pic).

AlloyMtd said 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 and 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.

This article first appeared in The Edge Financial Daily, on July 7, 2015.