EATON SQUARE

OVERVIEW

Eaton Square is an off-plan Grade A commercial office development by Ellington Properties — the developer's first commercial project — within the Meydan Horizon master plan in MBR City, Dubai, with completion targeted for Q2 2028. The building comprises two basements, ground, four podium levels, a dedicated amenity floor, and fourteen office floors with biophilic architecture, facial recognition smart security, and Ellington art installations throughout. Full-floor plates range from approximately 12,349 to 21,412 square feet, with seven to eight subdivisions per floor available. The building fronts the Meydan Horizon crystal lagoon. Priced from AED 3,300 per square foot on a 70/30 payment plan with 4.2-metre ceiling heights and reported service charges of AED 14 per square foot.

OFFICE STOCK AND TENANT PROFILE

As an off-plan development under construction, Eaton Square does not have an established tenant profile at the time of writing. The configuration provides full-floor plates of approximately 12,349 to 21,412 square feet across fourteen office levels, with seven to eight subdivisions per floor offering flexibility for smaller occupier requirements. Floor-to-ceiling heights of 4.2 metres and a sun-path optimised biophilic layout are intended to maximise natural light and occupier wellbeing. The building fronts the Meydan Horizon crystal lagoon, providing a distinctive waterside environment. Ellington's art installation programme creates a curated aesthetic throughout the building's common areas. The intended occupier profile is premium professional services firms and owner-occupiers seeking a large-plate, high-specification freehold commercial address.

RENTAL MARKET

As an off-plan development, Eaton Square has no established rental market at the time of writing. Indicative projections based on a gross yield approach suggest a conservative gross return of approximately 8 percent on acquisition price — approximately AED 275 per square foot per annum — a practical scenario of 10 percent (approximately AED 350 per square foot per annum) and an optimistic scenario of 12 percent (approximately AED 400 per square foot per annum). Commercial yields in Dubai are structurally higher than residential, supported by shorter lease cycles and strong occupier demand in a supply-constrained market. Actual returns will depend on market conditions at handover and quality of occupier secured. Independent rental appraisal is strongly recommended prior to any acquisition commitment.

SALES MARKET

Eaton Square is offered off plan from AED 3,300 per square foot on a 70/30 payment plan, with strata units individually titled on completion, providing freehold ownership. As Ellington Properties' first commercial project, prospective purchasers should undertake enhanced due diligence on the developer's commercial track record alongside its well-established residential delivery history. DLD project registration status and escrow arrangements should be confirmed before committing. The large full-floor plate format — 12,349 to 21,412 square feet — implies significant acquisition ticket sizes for whole-floor purchasers. Independent legal review and specialist commercial property advice are recommended before proceeding.

LOCATION AND ACCESS

Eaton Square is situated within the Meydan Horizon master development in MBR City, with road access via Al Khail Road providing connectivity to central Dubai and the wider emirate. A planned Green Line Metro extension is expected to serve Meydan Horizon, though delivery timing should be confirmed independently. The building's crystal lagoon frontage within the master plan provides views of the Ras Al Khor Wildlife Sanctuary and access to the four-kilometre boardwalk. The Meydan Racecourse is in the vicinity. Dubai International Airport is accessible within approximately fifteen minutes by road. Meydan Horizon's residential and retail infrastructure is anticipated to develop progressively over the development horizon of the master plan.

RISKS AND WATCHPOINTS

Eaton Square carries construction and delivery risk with a Q2 2028 completion target. The large full-floor plate format — with minimum floor areas of approximately 12,349 square feet — may limit the purchaser pool to larger corporate occupiers and investors with significant capital, potentially constraining resale liquidity relative to smaller-unit strata products. Meydan Horizon is in an early stage of commercial activation; rental demand and market maturity at handover remain uncertain. The 70/30 payment structure commits the majority of funds before completion. Ellington's commercial track record, although limited in commercial product, should be evaluated alongside its established residential delivery credentials before committing.

STRATEGIC PERSPECTIVE

Eaton Square targets large-format commercial investors and corporate owner-occupiers seeking a premium Grade A lakeside office environment within a major master-planned community. Ellington Properties' biophilic design philosophy, art installations, and 4.2-metre ceilings create a distinctive occupier proposition within the Meydan Horizon development. The large floor plate format suits businesses requiring significant contiguous space. Dubai's structural undersupply of Grade A commercial office space supports the medium-term demand backdrop, though Meydan Horizon's commercial submarket remains in formation. Patient capital, a high tolerance for location risk, and conservative underwriting of Q2 2028 handover conditions are advisable given the emerging nature of the submarket and the large ticket sizes involved.