As preparations for Expo 2020 Dubai gather pace, Ibn Battuta Gate offices, owned by luxury property developer Seven Tides, is capitalising on its location right in the heart of New Dubai, UAE, said a report.

The Ibn Battuta Gate Office building is located less than 30 km from Dubai World Central, the Expo 2020 site and Dubai World Central Airport thus clearly underlining its business hub status, said leading real estate consultancy Asteco, which is the sole leasing agent for the property.

Asteco currently manages the Ibn Battuta Gate Office building, home to a growing number of blue chip companies, as well as responsibility for the development’s residential component and is increasingly capitalising on its strategic location next to the five star Mövenpick Hotel, the famous Ibn Battuta Mall and nearby Metro.

Location hotspot has over 43,600 sq m of prime office space, with easy access to emerging Expo 2020 site and close to Dubai World Central and is ideally located between Dubai and Abu Dhabi on Sheikh Zayed Road.  

And once combined with a first-of-its-kind multi-storey, automated car park facility, located just to the rear of the offices that is capable of accommodating 765 cars, the reasons for the popularity of the Ibn Battuta Gate development are clear, said a senior official.  

“We are now handling a steady stream of enquiries from small start-ups to international companies looking to set up their businesses here and we expect that to accelerate in the run-up to Expo 2020, particularly with the availability of fully fitted, fully inclusive offices with dedicated parking spaces,” remarked John Stevens, the managing director of Asteco.

“Around $7 billion has been earmarked for development and infrastructure projects linked to Expo 2020 which will effectively position the 150-hectare development as a hub in its own right, and Ibn Battuta Gate’s strategic location places it firmly in the sightline of opportunity with its ‘move-in-and-go’ set-up,” he stated.

Stevens said investment and employment creation was expected to fuel real estate market growth over the next five years with a forecasted figure of 277,000 jobs and 20 million extra visitors during the six-month long expo.

“I believe that this will have a positive effect on rental rates in the market for those developments that offer accessibility and convenience in the form of public transportation links and peripheral services such as retail, entertainment, residential and public services,” he added.

Interest has also heightened since an announcement was made to extend the existing Ibn Battuta Mall by 28,000 sq m at a cost of Dh160 million ($43.5 million). This includes a 350-bedroom hotel, 150 additional shops, 50 restaurants and a 21-screen cinema.

“As the sole leasing agent for this development we are highlighting our positon as market-leaders for leasing high-end office space reinforcing our commitment to offering a quality focused tenant strategy that delivers tangible results for both owners and operators,” he added.-TradeArabia News Service