CPC adds prime city location to portfolio

GUERNSEY-based property development company CPC Group has added another major London site to its growing UK and international portfolio. Cromwell House, on the corner of Millbank and Dean Stanley Street, was bought earlier this month from Credit Suisse.

Interior design and development management company Candy & Candy has been appointed to work on the new project, transforming the internal space into a state-of-the-art office environment, part of which will become its global headquarters.

Chief operating officer Group Richard Williams said the prime site represented a great opportunity.

The substantial building comprises a basement, ground and seven upper floors totalling approximately 26,615sq. ft.

Originally constructed in 1912, it was refurbished in 1985 by Land Securities.

'It is right in the heart of London and overlooks the Houses of Parliament and the River Thames and is the perfect HQ for a global brand such as Candy & Candy,' said Mr Williams.

CPC Group operates out of an office in the Bordage with 20 staff.

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

The firm has achieved several billion pounds in sales in London alone after just four years of being in business.

It plans to have doubled its staff by the end of the year to keep pace with the increasing scale of its projects.

Mr Williams said: 'It's a busy time for us with several other ground-breaking projects in the pipeline.

'We are working at full speed to progress these and set precedents in property trading and development.'

Two other major sites have been purchased this year. The first, 9900 Wilshire, is a prime eight-acre site in Beverly Hills, California.

It is a joint venture with financial backers Kaupthing Singer and Friedlander and is subject to approval by the Beverly Hills City Council.

The proposals comprise 252 luxurious and environmentally responsible condominium residences, two 12-storey signature buildings, luxury town houses and two four-storey contemporary loft buildings.

The second acquisition was Chelsea Barracks, a 13-acre site in Chelsea was purchased by holding company Project Blue (Guernsey).

It is being led by Qatari Diar, with investment from CPC. Proposals for the scheme will transform the current concrete parade ground and army buildings into a sustainable mix of luxury apartments and affordable units.

The site has the potential to create approximately 1.5 million sq. ft of net floor area.