Musings of a London Property Search Agent

CPC Group owned by the Candy Brothers have pulled out of the redevelopment of the 13 acre Chelsea Barracks site, selling an option to buy the Candy’s stake to existing partner Qatari Diar, Qatar’s sovereign wealth fund, according to a story in The Gulf Times today.

Much was made of the purchase in January when the Candy Brothers and their partners purchased the site from the Ministry of Defence for £959 million ($1.5 billion) in January.   The Candys have been hit by the credit crunch, with news last week that they were selling out of a project in the US following a failure to convert bridging finance to long-term construction finance since the beginning of the credit crunch.

The Candys planned to develop the Chelsea Barracks site for high net worth individuals, followed the lines of their One Hyde Park development, where purchasers were rumoured to have paid in the region of £100 million for some of the best flats in the block.  Purchasers reputedly signed non-disclosure documents and most apartments were purchased using companies to reduce the tax burden so exact figures have for the most part remained out of the public domain.  Likewise, the latest deal struck with Qatari Diar was for an undisclosed sum.  This London Property Search Agent is monitoring developments so watch this space.

 http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=253547&version=1&template_id=57&parent_id=56

Technorati Tags: Candy & Candy, Candy Brothers, Chelsea Barracks, Chelsea Property, London Property Search Agent, Prime London Property, Qatari Diar

Tags: Candy & Candy, Candy Brothers, Chelsea Barracks, Chelsea Property, London Property Search Agent, Prime London Property, Qatari Diar