Qatar-backed Qatari Diar bought a former British Army site for $1.3 billion; its new 10,000-square-foot London penthouse is now listed for $64 million

Image Credit: Qatari Diar

One of London’s most exclusive new homes has arrived on the market with a price tag to match. According to an exclusive report by The Wall Street Journal, a newly completed duplex penthouse at the Chelsea Barracks development in Belgravia has been listed for £48 million (around $64 million), marking it as one of the city’s most expensive penthouses currently for sale. The property crowns a luxury residential project developed by Qatari Diar, the real estate arm of Qatar’s sovereign wealth fund, on land that once housed a historic British Army barracks.The listing also marks another milestone in the transformation of one of London’s most significant redevelopment projects. In 2008, Qatari Diar acquired the former Chelsea Barracks site from the UK’s Ministry of Defence in a deal worth roughly $1.3 billion, paving the way for what has become a high-end residential neighbourhood in the heart of Belgravia.

A luxury home atop a historic military site

According to the reports, the penthouse occupies the top two floors of 1 Five Fields Square, a seven-storey building completed earlier this year as part of the larger Chelsea Barracks masterplan. While the residence offers around 7,000 square feet of interior living space, it also includes approximately 3,000 square feet of outdoor terraces, bringing the total usable area to nearly 10,000 square feet.The fully furnished home features five bedrooms, expansive reception and entertainment spaces, and sweeping views across London’s skyline, stretching as far as Battersea Power Station. According to the developers, everything from the artwork to the bed linen is included in the sale, allowing buyers to move in immediately without additional furnishing.Residents also have access to a range of exclusive amenities, including a rare indoor tennis court that can be converted into basketball or pickleball courts. The wider Chelsea Barracks estate also includes landscaped gardens, luxury apartments and townhouses designed around green public spaces blending modern architecture with the site’s historic character.

Image Credit: LinkedIn/ @The Wall Street Journal

Part of Belgravia’s ultra-prime property market

Chelsea Barracks occupies around 12.8 acres between Belgravia, Chelsea and Pimlico, an area regarded as one of London’s most prestigious residential districts. Originally built in the 19th century to house British Army regiments, the barracks remained in military use until the site was sold for redevelopment in the late 2000s. The project has since evolved into one of the capital’s largest luxury residential developments.According to The Wall Street Journal, 25% of the 28 apartments within the new tower have already been sold since sales began last year. British buyers currently make up the largest group of purchasers, followed by buyers from Turkey, reflecting the development’s international appeal.The listing comes as London’s ultra-prime housing market shows renewed momentum despite higher borrowing costs and tax changes affecting wealthy overseas residents.

A landmark redevelopment years in the making

Chelsea Barracks has had a long and closely watched development journey. Following the land acquisition, early modernist proposals were abandoned after public criticism, leading to a revised masterplan that incorporated more traditional architectural styles better suited to Belgravia’s historic surroundings. Over the years, the project has gradually introduced apartments, townhouses and landscaped squares while preserving elements of the site’s heritage.The newly listed penthouse represents the latest chapter in that transformation. Combining nearly 10,000 square feet of indoor and outdoor living space with luxury amenities and a location steeped in history, the residence illustrates how a former military complex has been reimagined into one of London’s most prestigious residential addresses.