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Qatari Diar buys key London site |
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BEIRUT: A consortium led by state-owned Qatari Diar Real Estate Investment has purchased the Chelsea Barracks in London for $1.91 billion, the consortium announced n Thursday. Britain's Defense Ministry closed the sale of Chelsea Barracks, former home of the Public Duties and State Ceremonial personnel and a prime development property in Westminster.
Qatari Diar holds a majority in the consortium with its partner Christian Candy. Qatari Diar is owned by the Qatar Investment Authority. The Chelsea Barracks site comprises some 5.2 hectares and is one of the largest and most valuable sites to come up for sale in Britain recently. The consortium has appointed Candy & Candy as interior designers and development managers for the proposed residential scheme that will replace the site. Proposals for the scheme, which will be subject to final planning approval by Westminster City Council, should turn the concrete parade ground and army buildings into a mix of luxury apartments and affordable units in a green setting close to the Thames River. The residences will be surrounded by new woodland and parkland areas. The development is intended to have a smaller carbon footprint than the Chelsea Barracks it is replacing. - The Daily Star |
