FEC set to become one of the UK’s largest property developers
Far East Consortium Ltd (FEC) has grown its UK operation to offer a portfolio of residential developments and hotels with a GDV worth over GBP1.6 billion, making it one of the UK’s largest developers.
The family run development company, which originates in Hong Kong (listed on the HKSE:35) and has an office in Australia, opened its UK operation in 2011 with a view to invest in landmark projects across the UK.
John Connolly, Head of UK Development for FEC, says: “Since the opening of our UK operation in 2011, Far East Consortium’s development portfolio has grown considerably in a short space of time. Most development companies which are new to the UK, initially take on small schemes of 100-150 units, building up to larger projects. However, we are very excited to be developing large-scale regeneration, restoration and development projects across the UK which will deliver thousands of new homes in the coming years.”
With a head office in Mayfair, London and a regional office in Manchester, FEC is set to develop 11,536 homes, and 375 hotel bedrooms in the next decade, with more exciting plans to come.
Following its initial purchase of the Shepherds Bush Pavilion, a former cinema and recreation hall (now the Dorsett Shepherds Bush Hotel), the company has been investing in a range of exciting development opportunities, with a focus on creating new destinations and communities across the UK.
Up-coming schemes include Angel Meadow, a GBP200 million development in Manchester which is set to launch in Autumn 2017. The 756 unit scheme forms part of the city centre’s NOMA neighbourhood which is set to extend the city centre northwards with a mixture of commercial and residential space.
The exciting new development will incorporate a combination of apartments and townhouses across four plots, centred around the historic Angel Meadow Park. The scheme will comprise a 41 storey landmark residential tower with retail and leisure space on the ground floor, two apartment buildings which rise to 22 and 17 storeys respectively and five, three bedroom townhouses with 131 apartments above. Launching in Autumn 2017 with construction set to begin in 2018.
Hornsey Town Hall meanwhile, will see the company take on the restoration and conversion of the historic former council offices in Crouch End. When complete Hornsey Town Hall will feature a new community and arts centre, restaurants, café, 132 residential units and a 57 apartment hotel. Steeped in history, the Hall was designed in the modernist style by award-winning architect Reginald Uren and completed in 1935. The building was the home of Hornsey Borough Council until 1966 when many administrative functions were moved to Wood Green following the creation of Haringey Council. The Town Hall continued to be used as Haringey offices for a number of years before falling into disrepair. During the past two years, parts of the building have been re-opened by the council for use a community arts centre. The development launch is set to take place in early 2018, with completion in 2020.
Alpha Square, will see the construction of three landmark towers rising to 65, 34 and 20 storeys with 25 per cent affordable housing. Situated in Canary Wharf, Alpha Square has been designed by Pilbrow and Partners and comprises 634 studio, one, two and three bedroom apartments, a 20 floor, 231 room Dorsett hotel with spa, a state of the art primary school which will accommodate over 400 children, a health centre and the renovation of the North Pole pub. Set amongst inviting communal spaces, complete with sky gardens and improved public realm, construction is set to commence in 2018 with completion in 2022.
Far East Consortium will also play a pivotal role in the regeneration of Manchester’s Northern Gateway. Incorporating 10,000 new homes in the next decade, the mixed-use scheme will see an emphasis on design quality and sustainability, open space, green walking trails and cycling routes. It will allow the city centre to expand and provide the optimal mix of high quality housing in well-planned new areas. The over- arching vision of this project is essentially to create a series of distinct yet clearly connected communities that make the most of the area’s natural resources, including the River Irk and its prime location close to the city centre.
The selection of Far East Consortium in this grand scheme is expected to generate more than GBP1 billion of investment over the next decade and will unlock the residential development potential of more than 300 acres of land (equivalent to 13 million sq ft), sweeping north from Victoria Station and taking in the neighbourhoods of New Cross, the Lower Irk Valley and Collyhurst.
The company’s hotel brand, Dorsett will see the launch of the new Dorsett City Hotel in August 2017 and the historic Shepherds Bush Palladium, a unique scheme of 74 serviced apartments, designed by award winning architects, Flanagan Lawrence. The original façade and historic details will be blended with new brick work to create a striking new art deco inspired building, which will comprise a range of studio one bedroom apartments, and duplex penthouses. Ranging from 246 sq. ft. ft. to 408 sq ft, all apartments will be serviced by the neighbouring Dorsett Shepherds Bush Hotel. Construction will begin in January 2018, with completion in June 2019.