Nick and Christian Candy, the property entrepreneurs, have quit one of the most high-profile property developments in the UK following a swap deal with former partner Kaupthing.
In a deal to be announced tomorrow, the prominent luxury residential developers have swapped part-ownership in the redevelopment of the former Middlesex Hospital site in London’s West End for full control of an apartment complex in Beverly Hills.
Both sites were held in joint ventures between the brothers’ CPC Group and Kaupthing, the troubled Icelandic bank. They teamed up to buy the hospital site in 2006 for about £170m, then one of the biggest and most expensive land purchases in London, and had plans for a large residential development called Noho Square.
The deal means that CPC Group will make a small loss, having contributed about £14m to the purchase, though it received a £5m planning bonus as well as significant fees.