A computer-generated image of the Chelsea Barracks project in London. The master plan for the project merges this old military site with the surrounding Belgravia neighbourhood through a modern and vivid residential development.
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Qatari Diar acting chief executive officer Khalid el-Sayyed has confirmed works are underway on the ambitious Chelsea Barracks project in London.
In an exclusive interview with Qatar News Agency (QNA) yesterday el-Sayyed said Qatari Diar, the property investment arm of the country’s sovereign wealth fund, is waiting for concluding the official approvals for going ahead with the project, noting that Qatari Diar should first get the approval of the neighbours of Chelsea Barracks to kick-start the operations.
While reviewing the company’s projects at a workshop for “business leaders” on the second day of the 8th World Chambers Congress here, el-Sayyed said the company has already got the approval of 30% of the neighbours. The master plan for Chelsea Barracks merges this old military site in Chelsea with the surrounding Belgravia neighbourhood through a modern and vivid residential development, consisting of houses with additional apartment buildings, local shops and community facilities; all spanning over a 52,000sq m site.
Qatar owns a string of assets in London, including 80% of Western Europe’s tallest building, The Shard and Harrods.
Qatari Diar won approval for the 13-acre Chelsea Barracks site in 2011, but work on the project has not progressed since. It is Qatari Diar’s largest residential development in Europe in terms of value.
Qatar has insisted that a $4.7bn plan to build hundreds of luxury properties at Chelsea Barracks will go ahead, despite reports that it had been postponed.
Local officials expected work to begin at the end of the year or the beginning of next, though the sovereign investor has until December 2016 to commence work.
The key features identified in the master plan, in conjunction with a public consultation process, include a street plan reminiscent of Georgian London with garden squares and a balance between building height and the surrounding architecture.
Chelsea Barracks is one of the most ambitious among Qatari Diar’s overseas projects.
As of January 2012, Qatari Diar is capitalised at $4bn and has more than 49 projects under development or planning in Qatar and in 29 countries around the world with a combined value of over $35bn, according the company’s website.
Qatari Diar Real Estate Company was established in 2005 by the sovereign wealth fund, the Qatar Investment Authority. Qatari Diar was entrusted to support Qatar’s growing economy and to co-ordinate the country’s real estate development priorities.
The company’s flagship project, Lusail City, was launched in December 2005 and quickly gained tremendous praise for its innovative approach to real estate development. Now under construction, the progressive, self-contained city is the largest single development to be undertaken in Qatar, signifying the country’s progress on a grand scale.
