By Andy Sambidge
Qatar Diar unit sells building on border of Chelsea Barracks development site
A subsidiary of real estate development firm Qatari Diar has sold a luxury apartment block in London for £147m ($229.4m).
The Qatari investors masterminding a £1bn overhaul of the Chelsea Barracks has sold Moore House to developer London & Stamford.
Project Red is a unit of Qatari Diar, the property development arm of the Qatar Investment Authority, has sold Moore House to developer London & Stamford.
The property forms part of the prestigious Grosvenor Waterside Development and occupies a prominent position at the front of the development on Ebury Bridge Road, immediately to the south of The Chelsea Barracks Development.
Moore House comprises 149 units totalling 117,909 sq ft of net lettable area and 97 car parking spaces. Each unit is held by way of a 999 year leasehold interest.
The apartments comprise a mix of studios, 1, 2 & 3 bedroom flats and duplexes set over nine floors.
Raymond Mould, Chairman of London & Stamford, said: "The Central London residential market continues to show signs of strong rental and capital growth and we are delighted to have acquired this prime property, the first for our newly formed residential joint venture."
Last year, Qatari Diar Real Estate Investment Company won approval for its multi-billion dollar plan to redevelop Chelsea Barracks.
Westminster City Council approved the outline planning application submitted through Qatari Diar's subsidiary Project Blue Ltd.
The 12.8 acre Chelsea Barracks site had been in military use and closed to the public for more than 150 years.
The Master plan will open up and reconnect it to the surrounding areas of Belgravia and Chelsea in a new integrated residential neighbourhood in a landscaped setting.