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£2bn Chelsea Barracks scheme 'under review'

Qatari Diar, the Qatari state’s property and investment arm, is reviewing the £2bn Chelsea Barracks project, it has been reported.

According to the Guardian, the so-called “Gucci Ghetto”, comprising 450 luxury and 123 affordable homes, is now on hold.

The 12.8-acre site has planning permission for a spread of seven-bed mansions and one-bed flats.

The West London development was also set to deliver a medical centre, shops, a community centre, sports centre and hotel.

A spokeswoman said Diar “is taking advantage of the opportunity to review and respond to the context of the prevailing economic environment in preparing for the next stage of the development”, according to the newspaper.

Diar – which owns most of the Shard - bought the site from the Ministry of Defence for £959m in 2007.

The Guardian also reported that the Qatari firm is considering selling the flagship project off.

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