Qatari Diar, a state-owned company, has won the auction for London's Chelsea Barracks after a tussle among some of the biggest names in the United Kingdom's property development, according to dailies, The Peninsula and Financial Times.
Qatari Diar bought the prime 13-acre property in Chelsea, London, through a highly competitive bid, reported The Peninsula.
Although it did not disclose the price tag for the deal, the London Financial Times reported it to be worth about 600 million (Dh4.34bn).
Chelsea Barracks was formerly the home of the Queen's Guard, providing administrative offices and armouries as well as residential quarters for about 1,300 people.
The site forms a triangle located among Chelsea Bridge Road, Pimlico Road and Ebury Bridge Road, within the City of Westminster, abutting the Royal Borough of Kensington and Chelsea and offering the potential to create about 1.5 million square feet of net floor area.
Award-winning architectural practice Rogers, Stirk, Harbour has been commissioned to create a landmark, mixed-use development which harmonises with its setting, overlooking the grounds of the Royal Hospital and Rarelagh Gardens.
Qatari Diar's proposed scheme will transform the current concrete parade ground and army buildings into a sustainable mix of luxury apartments and affordable units in a verdant setting close to the Thames, surrounded by new semi-private woodland and parkland areas, according to reports.
The new development will have a low-carbon footprint and an environmental impact significantly lower than the Chelsea Barracks it is replacing. Qatari Diar has "a reputation for creating some of the most desirable commercial and residential development projects in Qatar and the world over," reported The Peninsula.
"We are delighted to lead the consortium that has purchased this site. This project is very important to us as it represents our first major investment in Europe.
"In line with our commitment to ethical development, this development will create a living, working and social environment that enhances the health and well-being of all," Qatari Diar's Chief Executive Officer, Nasser Al Ansari, was quoted as saying this to the Qatar-based daily.
The proposed development seeks to be a model of sustainable development and aims to include a number of community facilities.
The development's longterm climate change impact will be limited through the use of a combined cooling, head and power system.
Its energy efficiency would also be optimal, Qatari Diar said yesterday. Wholly owned by Qatar's Supreme Council for Economic Affairs and Investment, Qatari Diar was established in December 2004 to support Qatar's growing economy and to co-ordinate the country's real estate development priorities.
By Emirates Todya Staff
© Emirates Today 2007
