The long-running Chelsea Barracks residential development in Belgravia seems likely to restart in the early part of this year.
The one-time barracks site occupies one of London’s most exclusive locations. It is described by its developers as ‘the most coveted 12.8 acres in the world’. However, the site which was originally purchased for redevelopment by Qatari Diar and the Candy Brothers’ CPC Group in 2008 has been beset by a number of planning and legal wrangles, intervention by Prince Charles over the original design and, more recently, the slowdown in the high end London market.
Recent reports say that the developers have now contracted with Multiplex to start work on phase four of the six phase £3bn project.
Once complete the development, where properties are believed to start from around £5.75m, will comprise townhouses and apartments set around garden squares with hotel-style amenities and new public space.
Given the discounting in London prime property at the moment observers might wonder whether Qatari Diar see an upturn in the market – or whether it is simply a case of ‘getting on and getting rid’ of a project which has dragged on for more than a decade.