The Sugar Quay site in the City of London has been bought by CPC Group, which is led by the Candy brothers.
According to the Independent, the development - which is currently home to the central London offices
of Tate & Lyle - was purchased from the administrators after contracts were exchanged.
CPC Group was established in 2004 and is based in Guernsey. Nick and Christian Candy are the force behind One Hyde Park, the luxury residential development where an apartment was last year sold for approximately £135 million.
The Sugar Quay site currently boasts a 110,000 sq ft premises of London offices
, although planning permission has been secured for up to 231,000 sq ft of further space in a separate building, the newspaper explained.
CPC Group is looking into options to transform the development into something "unique", with residential schemes, office upgrades and commercial projects all potential possibilities.
However, the Independent noted that obtaining the green light for a residential development could prove difficult for the Candy brothers, as the City of London Corporation has traditionally not backed new homes in areas where there are currently none.
Posted by John Evans
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