Candy brothers develop an appetite for Sugar Quay in swoop on City
Saturday 03 March 2012
The Candy brothers, the developers behind London's One Hyde Park flats for the super-rich, have turned their attentions to the City after swooping to buy the Sugar Quay site from administrators.
The Candys' CPC Group has exchanged contracts for the site on the north bank of the Thames, in its first purchase of a development asset since spending £959m on Chelsea Barracks with backing from Qatari Diar in January 2008.
The site, which houses a 110,000 sq ft office building and has planning consent for another of up to 231,000 sq ft is vacant and is leased to Tate & Lyle.
The firm is understood to be reviewing the possibilities for the "unique" site,with options including an upgrade of the existing offices, a commercial redevelopment or residential.
But obtaining planning permission for flats from the City of London Corporation will be difficult as it does not encourage new homes except in areas of existing residential development. CPC would also have to renegotiate its 80-year lease on the site with the Fishmongers' Company, the livery company which owns the freehold.
- 1 Reader dilemma: 'Our son is 34 with an IQ of 85, and spends all his time in his room. What will happen to him when we're no longer here?'
- 2 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 3 Russian officials ban yoga because it's too much like a religious cult
- 4 German ethics council calls for incest between siblings to be legalised by Government
- 5 Ginger Pride festival to take place next summer, organisers say 'time of bullying gingers is over'
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
German ethics council calls for incest between siblings to be legalised by Government
People are American flagging their Facebook profile pictures in response to those rainbow flagging them
Ginger Pride festival to take place next summer, organisers say 'time of bullying gingers is over'
Historic meeting between Pope Francis and Russian Orthodox head 'getting closer'
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
Tunisia beach attack: How can British Muslims respond to the latest outrages?
iJobs Money & Business
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...
Negotiable: Recruitment Genius: This extremely successful and well-established...
Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...