Sept. 18 (Bloomberg) -- Qatar’s sovereign-wealth fund will begin clearing a luxury-homes site at Chelsea Barracks in November, more than five years after buying the London property.
Qatari Diar Real Estate Investment Co.’s Project Blue (Guernsey) affiliate will demolish towers and a warehouse and drive piles into the ground on the edge of the site, according to a letter sent to local residents obtained by Bloomberg News. The Chelsea Barracks Partnership, which liaises with local residents, said in the letter dated Sept. 9 that the work would start in early November.
A joint venture paid 959 million pounds for the 5.3 hectare (13-acre) site in January 2008 and Qatari Diar later took full control of the project. Project Blue won initial local-government approval two years ago to develop nearly 450 homes, stores, a health center and leisure facilities on the land.
The developer still needs to gain final permission from Westminster borough council for the detailed design of the buildings and Project Blue plans to carry out related consultations “in due course,” according to the letter.
The developer wasn’t immediately available for comment.
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