Candy Bros have the last laugh

The Candy brothers claim they are on track to make a £1-billion (S$2.05 billion) profit from their luxury residential development at One Hyde Park in central London.

The colourful property developers, who were roundly mocked for starting the extravagant project four years ago, say that 50 apartments have now been sold, with fewer than 30 left to go.

One of the penthouses was sold for more than £135 million to an unnamed foreign tycoon who has ordered £50 million of interior works. Property experts claim the apartment is the most expensive in the world.

Mr Nick Candy said that of the £1.1 billion the brothers borrowed from Eurohypo Bank to fund the project, more than £900 million has been repaid.

He told The Daily Telegraph: “The balance will be paid by the end of the month.”

The profit from future sales will be boosted by the sale of the retail space on the ground floor to Rolex and Abu Dhabi Islamic Bank, which has been agreed at £50.4 million. Prices at the Knightsbridge project start at £6.5 million for a simple one-bedroom flat and average at about £6,000 per square foot.

The development, backed by the Prime Minister of Qatar, is Christian and Nick Candy’s most ambitious project yet. It is also likely to be their most successful. The brothers, who started out with a £6,000 loan from their grandmother, have worked on a series of developments through their CPC Group vehicle.

As important clients of Kaupthing, Iceland’s biggest bank, the pair were hit hard during the financial crisis forcing them to restructure a joint venture in Beverley Hills and another on the Middlesex Hospital site.

Source : Today – 11 Mar 2011

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