Doha - Qatari Diar Real Estate Company (Qatari Diar) along with development firm CPC Group of the UK yesterday completed the purchase of the Chelsea Barracks in London in a deal worth 959m (QR6.94bn). The property was sold by the British Ministry of Defence.
Qatari Diar CEO Nasser Al Ansari said: "We are delighted to lead the consortium which has purchased Chelsea Barracks. The project is very important to us as it represents our first major investment in Europe. We are looking forward to working with the CPC Group to create a landmark building of international repute and working together on future projects."
The acquisition of the 12.8-acre site is the most expensive in UK history, working out to 75m (QR542m) an acre. Candy & Candy will be the interior designers and development managers to the project, which will comprise 650 apartments, a semi-private woodland area and a 54,000 sq. ft sports complex.
The consortium referred to by Al Ansari is Project Blue (Guernsey), in which Diar holds a majority stake with investment from CPC, a Guernsey-based development firm owned by Christian Candy.
Christian and his brother Nick, are real estate developers who started off their business when they paid 6,000 for their first apartment and have since moved on to far bigger and better things through their involvement in several premier projects. Clifford Chance acted as legal advisors and will continue to do so during the ongoing development of Chelsea Barracks.
The property came up for sale when the UK's Secretary of State for Defence announced in September 2005 the Barracks would be released for disposal with Woolwich Station to be retained as the ceremonial home for Public Duties and State Ceremonial personnel.
The UK Ministry decided to release the Chelsea Barracks as part of a strategic aim to create a defence estate of the 'right size and quality' to deliver 21st-century defence capability.
The development is located close to the River Thames and Buckingham Palace. London's Westminster Council has asked that 50 percent of the development be made "affordable". Chelsea Barracks has been home to the Coldstream Guards, the oldest continuously serving regiment of the British Army.
Diar is owned by the Qatar Investment Authority (QIA). Al Ansari said: "In line with our commitment to ethically sustainable development, the project will create a living, working and social environment that enhances the health and well-being of all."
The CPC group is a privately-owned property development firm which specialises in residential schemes with a portfolio which includes properties in Qatar, Monaco and Beverly Hills.
Candy & Candy have earned a reputation for luxury interior design and have five million sq. ft under development management globally. Properties under its management in the tony central London area include One Hyde Park, Noho Square, One Kensington Park and Chesham Place.
The Peninsula 2008
