London & Stamford's 40/60 JV with Quatari Diar has today exchanged contracts with Project Red to buy Moore House, adjacent to the Chelsea Barracks development, for £147 million.

The development is a number of large buildings surrounding the former Grosvenor Dock and Canal to the north of Chelsea Bridge. Moore House is one of three buildings at Grosvenor Waterside that Qatari Diar has acquired from the original developer, St. James Urban Living. Through its subsidiary, Project Red Guernsey Limited, Qatari Diar owns a substantial number of London properties within three blocks at Grosvenor Waterside (Moore House, Caro Point and Bramah House).

Moore House comprises 149 units totalling 117,909 sq ft of net lettable area and 97 car parking spaces. Each unit is held by way of a 999 year leasehold interest.

The apartments are a mix of studios, 1, 2 & 3 bedroom flats and duplexes set over nine floors. All are finished to a premium standard and designed to a modern specification throughout. The Grosvenor Waterside Development also has nursery, gym and spa facilities.

Ray Mould, Chairman said:

"The Central London residential market continues to show signs of strong rental and capital growth and we are delighted to have acquired this prime property, the first for our newly formed residential Joint Venture."

However Moore House is also an important element of the rebvised masterplan for the proposed Chelsea Barracks Partnership development. It is scheduled for use as social housing in the plan, helping overcome the objection by Prince Charles and others, that the original plan called for overbearing buildings, whose height was necessary to provide the social housing element.

This transaction appears to be just moving the deck chairs around so far as Quatari Diar is concerned, so the real reason for involving London & Stamford is yet to be made clear.