Candy Brothers Buy Sugar Quay Site in the City of London
Over the weekend, The Times and The Independent reported that famous developers, the Candy brothers and their CPC Group, responsible for London’s One Hyde Park luxury flats, have purchased the unique Sugar Quay site near Tower Bridge in the City of London.
Sugar Quay was previously owned by Pace Investments, however the site was placed into administration in 2011. It’s believed that the Candy brothers have paid approximately £34million for the site, which includes an unoccupied business centre with 110,000sqft of office space to let. In addition to this, Sugar Quays has planning permission for a 230,000sqft office scheme, making the site highly lucrative.
As the CPC Group is well known for it’s residential developments, its hardly surprising that their initial plans are to develop luxury apartments. However, CPC may have trouble obtaining residential planning permission from the City of London council, as they do not encourage new home schemes in a district so well associated with business and finance. CPC do however intend to upgrade and renovate the existing 110,000sqft of office space, ready to lease in the near future.
If you’re looking to rent office space in the City of London, talk to Search Office Space today on 0800 524 4649 to discuss your requirements.