A joint venture between Christian Candy’s CPC Group and investment company Qatari Diar is to buy a 355-apartment development at Grosvenor’s Waterside scheme.

The jv, Project Red Guernsey Limited, is purchasing the second phase of Grosvenor Waterside in Chelsea, which is due for completion in 2012, from developer St James – a part of the Berkeley Group .

The development sits between the Embankment in the south and Chelsea Barracks development to the north which is also owned by CPC and Qatari Diar.

Richard Williams, CPC chief operating officer, said: ‘We believe in the Chelsea market both in short term and long term. This can be seen by our investment in Grosvenor Waterside and purchase of the Chelsea Barracks with Qatari Diar.’

Ths scheme has been designed by architects MAKE, Sheppard Robson and Finlay Harper.

Phase one of the scheme was started in 2003 and completed in 2007.