By Sarah Townsend
Dubai's SWF reportedly one of the frontrunners to buy site and convert it into luxury apartments
Dubai’s sovereign wealth fund is believed to be one of the frontrunners in the race to buy London’s prestigious Hyde Park Barracks and convert it into luxury apartments.
The Investment Corporation of Dubai is providing funding for a consortium including British architects Dixon Jones, which produced the masterplan for the planned redevelopment of another former military property in London – Chelsea Barracks.
Hyde Park Barracks is home to the British Army's Household Cavalry and is owned by the UK Ministry of Defence (MoD).
It was brought to market informally 18 months ago, although the MoD was quoted in the Daily Telegraph newspaper as saying it was “nowhere near ready to go to tender” and none of the interested parties has yet been asked to submit bids.
Other investors reportedly lining up to buy what would be one of the UK’s highest profile investment opportunities include developer Chelsfield’s Sir Stuart Lipton, and SD&B – a consortium of British architects and property financiers led by ex-banker Bruce Rippon, which claims to have backing from Chinese investors and an Abu Dhabi sovereign wealth fund.
It was reported last year that the Investment Corporation of Dubai-backed consortium was eyeing the property.
However, the candidates would have to come up with a viable alternative location in which to house the horses and other facilities that make up the Household Cavalry.