Qatar Investment Authority / Candy & Candy - Mixed-Use Development - London, Chelsea

Date: 28 Feb 2008

February saw the sale of Chelsea Barracks complete between Qatar Investment Authority and Candy & Candy from the Ministry of Defence (MoD) for £959m - the most expensive land purchase in UK history.

Project Blue, the joint venture between Qatari Diar and Christian Candy's development company, CPC, is to pay £959m, equivalent to £75m/acre, to the MoD over the next five years. The 12.8 acre site in the heart of London has been described by Westminster City Council as one of the last key redevelopment opportunities in London and has issued an extensive planning brief for the barracks.

Plans for the site include a sports complex, woodland and luxury housing, half of which is designated as affordable and the development is to achieve the BREEAM 'excellent' standard.

Jon Milward, partner in Planning & Development at Drivers Jonas, acted as adviser to the MoD. The sale of the barracks, which comprises of armouries, offices and residential quarters, was part of The MoD's 'MoDEL' strategy to create 'a defensive estate of the right size and quality'. Guernsey-based CPC and Qatari Diar are developing the site with Candy & Candy appointed as development manager and interior designer.

The joint venture hopes to have planning granted by early 2009 and the development completed within five years.

An aerial view of Chelsea Barracks

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