Investor Update | Six of the Latest Projects at Magna Group Globalfjpinvestment
Magna have recently released an owned and controlled site progress update which you can view here. The update highlights progress on a number of key projects, showing promising signs of growth across the board. you can see six of the latest projects below.
Cove, Surrey, UK
“We have now undertaken our pre-application with Rushmoor Borough Council and it was received very positively. The council welcomed our design in principle but had some comments on the mix of house sizes and parking.
Following this response, we have been working with Ilke Homes to deliver a design and layout that fully addresses the council’s feedback. We now believe that we have a planning compliant design and we are gearing up to submit planning within the next eight weeks, once we have obtained our Suitable Alternative Natural Greenspace (SANG) allocation from the council, a fundamental requirement prior to making a submission.
Once we have secured this, we aim to be in a position to register the legal charge in relation to this asset with the security trustee within two weeks of receiving the notice.”
Frimley, Surrey, UK
“We have now submitted our planning application regarding the first phase, finalised our soil investigations and completed our clearing of the next site ahead of planning.
Our architects have been working hard to develop a cohesive design that incorporates the existing sites but is sympathetic to the residential houses onto which the new development will back. We are hoping to be in a position to submit planning on the remaining phase in the next four weeks with a view to obtaining planning permission before the end of the year.”
Surrey Gateway, Surrey, UK
“The genuinely exciting news is that we have now completed the purchase of the last site required to deliver this scheme in its entirety, and the security trustee is now registering the legal charge on this asset on the part of investors.
On the planning side, we have now had our pre-application meeting with the council, which was very positive. In principle, there were no issues regarding the massing or height (30 floors and 340 units). However, they did express reservations about the elevations from certain angles, and have asked us to make the towers more slender.
We have also been working with our contractor on the design to ensure we can build efficiently and within budget. We have been in regular communication with the vendors who own the adjacent site where they are planning to build a 30+ storey building. We plan to work with them to create a cohesive project whereby both structures complement each other. We have another pre-application date and expect to be submitting planning prior to the end of Q4 this year.
On the acquisition side, as mentioned above, we have completed on the purchase of the linchpin site in the project, which was critical to ensuring the successful development of the other two sites that we control via options contracts.
We will be hoarding the site ready for demolition in the next few weeks. This is our largest and most exciting undertaking to date: it will be a gateway project providing over 340 residential apartments to rent and over 3,000 square ft of retail and communal space.”
Ealing Tower, Ealing, UK
“This week we secured the purchase of a key site located close to the Crossrail terminus in Ealing. This site has the potential to offer over 250 residential units over 25 floors with wonderful views of west London.
This is one of our best acquisitions to date and will certainly put us on the map as build-to-rent developers in London. We will be completing the pre-application on this site soon and will look to submit planning in the next few months. The end value of this scheme is circa £80 million.”
5-star resort, Maldives, Indian Ocean
“We are currently in the process of negotiating with the vendors of a project in the Maldives for a luxury resort project. We are taking over the development with a view to completing it over a 12-month period. This will be a 5-star resort project in one of the Southern Atolls, accessible by a 45-minute seaplane journey from Male international airport.
We have already entered into talks with a well-established global luxury hotel operator, including a close analysis of the accompanying financials and, once the asset has been acquired, we will be working with them on a hotel management agreement over a 10-year term. Magna will retain ownership of the asset over that period, with a view to securing an exit to a REIT (Real Estate Investment Trust).
Radisson Hotel, Magna Resort, Al Marjan Island, UAE
“Our flagship hotel project in the friendly Emirate of Ras al Khaimah near Dubai is moving forward at a rate of knots. We have finalised the concept design and are now progressing into detailed design, working on the mechanical and electrical layouts and the design for the food and beverage outlets.
We are also in talks with some household-name global restaurant operators to take the rooftop sky view and pool restaurant for lease. However, the exciting news is that we concluded our negotiations at the end of June regarding the hotel management agreement and, having not previously been able to reveal the identity of our partner, we are finally very proud to announce that the property will be one of Radisson’s latest ‘Radisson Collection’ hotels and one of their first resorts to form part of this new Radisson brand.
You may know the May Fair Hotel in Stratton Street, London W1 – this is also a Radisson Collection hotel and so we can be confident of this operator’s ability to deliver a luxury product at an affordable price point.
We are now going to be seeking approval from the master developer, Marjan Properties, which has been fully consulted throughout the process. Our aim is to have the project built and operational within 30 months. Once built and the cashflow stabilised, it will be worth circa $180m, pushing Magna’s owned and controlled assets to well over £500m.”