Fruition Properties has worked up revised plans to redevelop the former Odeon Cinema site in Market Place, Leicester, as part of its collaboration with shariah-complaint real estate advisory company International Investment Gate (IIG).
After the original planning application for the redevelopment of the vacant building was refused in 2023, IIG asked Fruition to undertake a comprehensive review of the project and formulate a viable plan that aligns with the local authorities’ vision for the site.
Fruition is looking to deliver around 45 build-to-rent (BTR) units at the site and will shortly start assembling the consultancy team and issuing it with a development brief for the concept design.
Mani Khiroya, CEO of Fruition Properties, said: “We are excited to embark on our second project with IIG, further solidifying our partnership and shared commitment to excellence. 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 IIG, added: “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.”
