Dubbed “possibly the most expensive acre of sand in London” by a Land Securities spokesperson, it was ‘broker to the sheikhs’, former model and athlete, Amanda Staveley, who brokered the deal.

Ms Staveley advised Barwa Real Estate, one of Qatar’s numerous investment arms, on the £240 million development, helping facilitate the acquisition of yet another London-based asset to its portfolio.

To secure the sale a down payment of £225 million was made on the Oxford Street Park House site, which is situated just a stone’s throw from the Primark flagship store, known for attracting millions of tourists each year. The remaining money will be paid on completion, set for November 2012.

The development will include 163,000 square foot of office space, 88,000 square feet of shops and 39 flats.

“The investment demonstrates our commitment to Europe as part of our growth strategy and signals our interest in strengthening our portfolio interests in London,” said Barwa chairman and managing director Ghanim bin Saad Al Saad.

The record sale comes only weeks after another Qatari property arm, the Qatar Investment Authority (QIA), bought Harrods for £1.5 billion. It continues the emirate’s trend for investing its wealth – made from its massive gas reserves – in London property and has sparked controversy among developers and City analysts, with some describing the country’s increased presence in London as ‘aggressive’.

However, with the sterling still weak and property prices still recovering, the Middle Eastern empire looks set to keep up its feeding its insatiable appetite for London real estate.