Qatar in deal to build new London skyscraper

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(Photo for illustrative purpose only) (Getty Images)

(Photo for illustrative purpose only) (Getty Images)

The Qatari government has entered into an agreement with a London property developer to build a new residential skyscraper in the vicinity of The Shard.

The project will see Fielden House, an office block on London Bridge Street built in the 1970s, redeveloped into approximately 150 apartments.

Qatar will develop the 27 storey tower alongside Sellar Property Group. It will be designed by Renzo Piano, the architect responsible for The Shard, and the residences will have a total of 160,000 square metres in space, along with retail facilities. The area in which the project is being developed is in close proximity to the City of London, the British capital’s financial district.

Financial details of the project and its completion date were not disclosed.

According to data from the UK’s Land Registry, property prices in London rose more than 10 percent between January and November 2012.

Gas-rich Qatar has snapped up a string of British assets in recent years including 80 percent of The Shard, Western Europe’s tallest building, luxury department store Harrods and the US embassy building. The Gulf state is also funding the redevelopment of the long-delayed £3bn ($4.9bn) Chelsea Barracks housing project.

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