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Qatar, the state that many are familiar with simply because of World Cup weather-related controversy, is in fact a major contributor to London’s investment in terms of commercial property.
The state, which has an official ‘Qatar Vision’ to coherently develop its wealth and assets (both financial and human) over the coming years, plans to erect a skyscraper reaching 27 storeys – and it hopes to put it next to The Shard.
It’s a confident move, given that The Shard has failed to attract permanent residents since its opening eighteen months ago. Indeed, the proposed building would be somewhat related to its neighbour The Shard, which was itself funded by the Qatari royal family and designed by Renzo Piano, also the architect of choice for the new building – which yet has to be given a nickname.
It is proposed that the new building would contain shops and residential apartments, and 160,000 square feet of space, and it is further evidence that the London property market is robust, as this building adds to others in the London Bridge area that are being developed or constructed. However, plans have not yet been submitted, so things could change. The current intentions for the building, however, reflect the highly priced and highly prized residential market in the capital, and it is likely that further residential schemes will find their way into the planning office during the course of this year.
Yassir Salim, Director of Scopesky Real Estate who based in Harley Street comments, ”One thing that is certain, however, that the presence of Qatar in London will continue in earnest for quite some time”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.