Christian Candy snaps up Sugar Quay freehold for £400m development

Christian Candy’s CPC Group has bought the freehold interest in Sugar Quay near Tower Bridge from The Fishmongers’ Company, one of London’s ancient livery companies.

Back in March, Candy won planning permission to build a £400m 11-storey development on the site which will include 165 flats, a retail unit, a jetty restaurant and a waterfront restaurant by Michelin-starred chef Wolfgang Puck.

Candy, one half of the Candy & Candy duo of brothers and the developer of One Hyde Park, bought the building from administrators KPMG for £34m.

Christian Candy told Property Week: “This is an extremely exciting development project and it will transform the City of London’s residential offering. We will start the development activity shortly and we expect the building to be finished by late 2016.”

This month, Candy’s CPC Group is also planning to bid for the Canadian High Commission building in Mayfair, which is on the market for £250m.

Back in October, Candy reportedly approached the Ministry of Defence (MoD) to purchase Hyde Park Barracks. The deal for Hyde Park Barracks, the historic home of the Queen’s Household Cavalry regiments, is expected to raise up to £600m for the government.