Life of luxury starts in office in heart of Town

AN office in the Bordage is the base for a company which provides luxury housing for the world's rich people. Chief finance director Steven Smith said that the CPC Group caters for the ridiculously wealthy in building the most luxurious flats going.

It has dramatic growth plans and wants to double the number of staff from the current 20 by the end of the year.

The company acts as a developer and runs the projects from Guernsey, commissioning renowned consultants, contractors, architects and interior designers to carry out the work.

'We would prefer to employ locally if we possible can. We are mainly accountants and tax advisors specialising in the property market. Our skills sets range from analysis and evaluation of deals to their execution and post management,' said Mr Smith.

It expects to be employing 35 people locally by 2009 that is assuming it can find the right ones.

'The one frustration we have is trying to find those locally with the skills sets we need. This is a different game to most Guernsey businesses,' he said.

'We are looking for exceptional people who want to work in an operating environment rather than financial services.'

Its main focus is multi-unit developments, but it also takes on some single unit ones.

Mr Smith said that entailed buying a not very exciting house or flat and converting it into an uber-luxury pad with all the trimmings the very rich could want.

A common theme is to take a number of flats and knock them into one. It has completed 30 such developments in Monaco and London.

'We are not against doing things elsewhere but will always focus on the localities where the very wealthy want to go.'

He said other main centres included Hong Kong, Shanghai, Rome, Mumbai and Moscow.

As the single developments involve relatively low financial input, CPC tackles them alone.

With the multi-developments it seeks joint venture partnerships.

But Mr Smith said as the company was growing, it was able to secure more financing alone.

It sells flats from £2m. up to £30m.

'Very few of the flats we sell are primary residences, most serve as second or third homes for our clients.

'At the prices we are dealing with, you can work out by definition that we cater for the extremely rich,' said Mr Smith.

Chief operating officer Richard Williams said London would remain its primary focus, but it would always look elsewhere.

The group would even consider Guernsey in the future.

'There is certainly the wealth here to do these types of things and people would be prepared to pay for it if it was here.'