One Hyde Park developer sells £50m of office space

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London Offices

Luxury property tycoon Christian Candy has offloaded two 1950s office buildings in the West End of London after he abandoned plans to venture into the serviced office market.

CPC Group, which was founded by Candy, has sold the two vacant buildings between Goodge Street and Tottenham Court Road to Great Portland Estates for between £16.5m and the £17m asking price.

The deal for the properties in Alfred Place – which have received planning permission for a £50m revamp that will create 43,676 square feet of office space – nets CPC a minimum of £500,000.

Great Portland Estates is one of a number of developers trying to buy up space in a market that Property Division has reported is drastically short of commercial assets in prime areas of central London.

CPC bought the buildings in June last year, but a company spokesman said in January that it was looking to capitalise on “the strongly performing commercial market”.

Candy is best known for luxury residential development One Hyde Park, where flats have sold for up to £140m, and will continue to focus on upmarket homes.

Image credit: Rob Farrow