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 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Kate Moss: Previously unpublished nude photo revealed by Mert and Marcus
- 4 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 5 Bad Jews poster 'censored' on London Tube
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...