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Millionaire property investor, Christian Candy, is reported to be purchasing London’s most expensive property in Regent’s Park.
The Regency property – specifically, a long leasehold interest – is being sold for £100 million, but it is thought that after a high-end conversion the value could double. The property was designed by John Nash, architect of Buckingham Palace, and comprises seven Grade I-listed terraces. The reported intention is to combine the separate properties into one giant residence. It is reputed that the property will boast 15 bedrooms, 35 bathrooms, an underground leisure complex, and a 40-foot roof garden, with sliding glass roof, invisible from the street. The building had been formerly occupied by Cancer Research UK.
This is a tested formula for Cooper, who sold three nearby terraces to the Qatari royal family in April 2013.
The purchaser Candy is renowned for high-end, top quality property properties, such as One Hyde Park, with similar standards to be incorporated into the new property, reported to be for Candy’s own use. The long lease from the Crown, of 150 years and finalised last year, made a conversion feasible. Originally constructed in 1926, the building suffered bomb damage in the Second World War and a fire in 1947 and underwent some restoration around thirty years ago.
Marcus Cooper Group, it appears, has been strategically purchasing properties in the capital, over the past few years, and as well as this Regent’s Park address, it sold Marco Polo House last year for over £100 million. The company was founded in 1991 by Marcus Cooper.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.