Luxury residential developer Candy & Candy has sealed a global double by agreeing a $500m (£255m) deal to buy a key site in Los Angeles’ Beverly Hills.

CPC Group, the Guernsey-based vehicle of Christian Candy, has teamed up with the Icelandic Kaupthing Bank to buy eight acres which they will develop into 830,000 sq ft of residential space.

The 250-apartment project will be project managed by Candy & Candy and designed by world-leading architect Richard Meier, and marks the first move abroad by the thirty-something brothers.

The deal follows the news yesterday that CPC Group, with Qatari backers, had won the race to develop the Ministry of Defence’s Chelsea Barracks site in central London.

Candy & Candy have taken UK property by storm in the last two years, buying Land Securities’ Bowater House site in Knightsbridge to turned into a luxury residential scheme called One Hyde Park.

Then last year CPC, again in partnership with Kaupthing, outbid a host of established West End players to pay £175m for Fitzrovia’s Middlesex Hospital, where they plan £1bn of Make-designed flats.

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