Fruition Properties and International Investment Gate partner for second project

14th March 2024

Development Consultancy

Fruition Properties and IIG announce partnership for the redevelopment of Old Odeon Cinema in Leicester in second development consultancy project.

Fruition Properties is delighted to announce its collaboration with International Investment Gate (IIG), a prominent shariah-compliant real estate advisory company representing clients from the Middle East, for their second project together in the UK.

The latest venture involves the redevelopment of the historic Old Odeon Cinema located in Market Place, Leicester, which was converted to a Bingo Hall in 1987 before sitting dormant for many years and becoming run down. Fruition Properties was asked by IIG to leverage their development consultancy expertise to undertake a comprehensive review of the site and formulate a detailed assessment aimed at guiding the project’s successful delivery and setting the business plan for its execution.

In light of previous challenges encountered with the original planning application that was refused in 2023, Fruition Properties has undertaken a meticulous review, identifying areas for improvement in design and planning coordination. With a commitment to aligning with the Local Planning Authorities’ vision for the site, Fruition Properties aims to introduce innovative design solutions to enhance the project’s viability and success.

With a target of delivering around 45 residential Build-to-Rent (BTR) units, timely execution and efficient management are paramount. Fruition Properties will shortly be assembling the consultancy team and instructing them with a development brief for the concept design. They will look to capitalise on the opportunities identified in the review whilst ensuring all steps are taken to mitigate unnecessary costs and development risks and deliver optimal returns for the client.

“We are excited to embark on our second project with IIG, further solidifying our partnership and shared commitment to excellence,” said Mani Khiroya, CEO at Fruition Properties. “The redevelopment of the Old Odeon Cinema presents a unique opportunity to revitalise a historic landmark and contribute positively to the community. With our combined expertise and dedication, we are confident in delivering a successful outcome.”

Dr. Mohammed Alswaidan, CEO at International Investment Gate, expressed his delight with the work carried out by Fruition Properties on the initial project in Grays, Essex. “We are thrilled to continue our partnership with Fruition Properties for our projects in the United Kingdom. Their strategic approach, proven track record, and unwavering commitment to quality align perfectly with our vision for transformative developments. On our first project together, they have added considerable value through changing the development scope, thereby increasing revenue and achieving cost reductions throughout the process.”

This article first appeared in BE News .