Middle Eastern developer Damac Properties is planning an audacious tie-up with Italian luxury fashion brand Versace at its first UK residential development.
Property Week understands Versace Home will brand and create the interiors for the £600m ‘Jenga’ tower in Vauxhall, which Damac bought from McLaren Properties and Citygrove in April this year.
The deal will be the first of its kind in the UK and could pave the way for other luxury fashion partnerships in high-end residential in London.
It is a practice more widely adopted in the Middle East, where Damac and Versace have already worked on other developments, such as the 28-storey Solidere tower in Beirut and the 47-storey Al Jawharah residential tower on the Jeddah Corniche.
“There are a number of fashion-branded residencies across the globe, such as the Armani Apartments in Dubai, and it is a trend that we are beginning to see in the UK,” said Mark Dorman, head of London residential development and investment at Strutt & Parker.
“In the medium term, we are more likely to see partnerships with luxury hotel and interior designer brands as they resonate more with the end product and should command a significant premium on prices.”
Designed by Kohn Pedersen Fox, the 50-storey ‘Jenga’ tower sits at 69-71 Bondway and comprises 450 apartments alongside offices and retail units.
The tower scheme was nicknamed ‘Jenga’ because of its unusual design, which incorporates several large interlocking blocks.
The Versace branding on the tower will add to the glamour of the new Nine Elms neighbourhood in London, where a cluster of luxury residential schemes are coming forward.
Damac, founded in Dubai in 2002, already has developments in North Africa, Jordan, Lebanon, Qatar and Saudi Arabia - but this will be its first in the UK.
Damac and Versace declined to comment.
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