PROPERTY
PrimeQResi Journal of Prime Property
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Green Light for Project Blue First phase of the Chelsea Barracks scheme is due to get underway later this year: After all the right royal wrangling, Qatari Diar’s Project Blue Ltd has got the nod from Westminster’s planners to start building. The council unanimously approved detailed consent for Squire & Partners’ designs for the first three blocks on the site, which will deliver 74 super-prime residential units along the north-western edge of the site and “reflect London’s architectural traditions”. Each block will have eight storeys, the top two of which will be penthouses, set back from the front line of the building to help reduce visual impact. When all is completed, the 13-acre site should house 448 apartments with five acres of public space. A few campaigners raised concerns about the “overbearing” look of the four proposed duplex penthouse units, but there was “significant praise from the committee for the quality of the designs and their appropriateness to the site” during the planning meeting, with planners flagging up just how comprehensive the consultation had been. A spokesperson for Project Blue Ltd said: “We are delighted to have been granted unanimous consent for phase one of Chelsea Barracks and are absolutely committed to creating a world-class development that enhances the surrounding area, integrates the local community and cements itself as the pinnacle of global luxury real estate.” Qatari Diar bought the site from the Ministry of Defence for a cool £1 billion back in 2007, making it the UK’s most expensive residential development. It’s been through the ringer since day one, though, with critiques of the initial “brutalist” Candy & Candy plans from the likes of Prince Charles causing some ground-up redesigns in 2009. A new-look Masterplan, designed by Squire & Partners, was given the nod by planners in 2011, but then all went quiet on the Chelsea front as the economy tanked. The site charged back into action late last year with contractor Keltbray taking on site clearance and enabling works.
Market Comment Asking the Right Question Elena Dimova, managing director of CENTURY 21 Sophia Elena, advises buyers not to worry about speculations of the property market’s future
“Is this the right time to buy? Is the property market going up or down? What if interest rates go up? How about the tax changes affecting overseas buyers? What about Mansion Tax? And the election in 2015? What does it all mean?” These are the questions we are asked every day, and the themes discussed at dinner parties and in the corridors of power. The predictions by economists and property market analysts vary from the more bullish ones, who expect further rises, to the bearish, who are warning that there are potential risks in the market. The truth is that there is no science yet invented that can perfectly predict what the market will do. Forecasts are based on assigning levels of importance to different sets of known assumptions. The world, our perceptions and expectations change all the time. The bottom line is that no one knows for certain if the market is going up, or down, by how much and the exact timing of those moves. What we do know is that buyers are still buying despite recent price increases. For an investor, a lot more goes into the decision process. Overseas purchasers are acquiring property in London because they have evaluated it against other alternatives and have decided they want to be in the capital, as this is where they are comfortable holding assets. Most overseas buyers are not speculators; they are not looking for a fast return to then exit the market. Their strategy is usually a longer term one; they are looking to add money to the market. Those that have been in the market long enough and experienced professional investors will tell you that ultimately the important question is “what and where to buy?” and not “when precisely to buy?”. In five or ten years, what will determine your success is not whether you bought one month later or whether you paid three per cent either side, but in fact whether you bought the best property you could have. CENTURY 21 Sophia Elena, 10 Clarendon Road, W11 3AA 020 7229 1414; century21uk.com Leinster Gardens Image courtesy of: Century 21
Image courtesy of: Chelsea Barracks Partnership/Squire and Partners
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