Michelmores LLP - Mixed-Use Sale - London, Chelsea Barracks

Date: 01 Feb 2008

Michelmores LLP has acted for the Ministry of Defence (Defence Estates) in the sale of Chelsea Barracks to Project Blue (Guernsey) Ltd.

Project Blue (Guernsey) Ltd (PBGL) announced yesterday that they had paid £959 million for one of the most important development sites in Europe. Michelmores' Philip Page, a leading expert in public sector property and advisor to several Government departments, led the Michelmores team who acted for the Ministry of Defence (Defence Estates) throughout.

Commenting on the sale Phillip Page said: "This 13-acre site is undoubtedly the most important residential development property to come on to the London market in more than a decade.

"A site of this size and significance represented a highly complex legal challenge taking many months of diligent work to bring it to fruition. Having said that, from appointing the preferred purchaser to exchange of contracts was achieved in just 48 hours."

Proposals for the scheme, which will be subject to final planning approval by Westminster City Council, will transform the current concrete parade ground and army buildings into a sustainable mix of luxury apartments and affordable units in a green setting, close to the Thames. It will be surrounded by new semi-private woodland and parkland areas. The development will have a low carbon footprint and an environmental impact significantly lower than the Chelsea Barracks it is replacing.

PBGL is majority held by Qatari Diar Real Estate Investment Company, with investment from CPC Group, a Guernsey based Development Company owned by Christian Candy. Qatari Diar Real Estate Investment Company is owned by the Qatar Investment Authority (QIA). Contracts were exchanged on 05 April 2007 with completion programmed for 31 January 2008 in order to allow time for all units based at the Chelsea Barracks site to be relocated.

Clifford Chance advised PBGL on its acquisition of the Chelsea Barracks and are continuing to act as legal advisers on the ongoing development..

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