A state-owned Qatari property group and London developer Christian Candy have bought London's Chelsea Barracks from Britain's Ministry of Defence for £600 mln (EUR 880 mln). Qatari Diar Real Estate Investment and Candy's investment vehicle CPC Group are part of the Project Blue consortium that won the tender to acquire the 13-acre site in west London. The land was put on the market last October.
A state-owned Qatari property group and London developer Christian Candy have bought London's Chelsea Barracks from Britain's Ministry of Defence for £600 mln (EUR 880 mln). Qatari Diar Real Estate Investment and Candy's investment vehicle CPC Group are part of the Project Blue consortium that won the tender to acquire the 13-acre site in west London. The land was put on the market last October.
The barracks was built in the 19th century and redeveloped in the 1960s. The opening price for bids was set at £250 mln. The final shortlist included big names in the property sectors such as Westbrook with Native Land, Ballymore, Quinlan, Hines, and Quintain, the Financial Times newspaper reported.
Rogers Stirk Harbour & Partners has been chosen as architect for a residential-led scheme on the site of the barracks. The project is expected to comprise around 1,500 homes, as well as shops, office space and community facilities.
