Friday, 1 February 2008

£1 billion for Chelsea Barracks

Property developers have paid a record £959million for the Chelsea Barracks site. This is three times the Ministry of Defence's original estimate; no change here, then - the MoD invariably underestimates by a factor of three. The developers, the Candy brothers, plan to build 1,500 homes on the prime central London site. The MoD promises that the proceeds from the sale will go towards improving and repairing the residual military housing stock. However, you can bet the loot will form part of the £5 billion the Government has already pledged towards upgrading military accommodation rather than being in addition to it.

The Times: Record £959m buys Chelsea Barracks for developers