Billionaire retailer Sir Philip Green is in talks to take a major office HQ in a move that could kickstart the stalled redevelopment of the Middlesex hospital site in central
Green is understood to have had informal discussions with development manager Candy & Candy about taking some of the 260,000 sq ft Noho-branded offices proposed for the W1 site to house his
The Candy brothers are also talking to a Dubai bank and Qatari investors about the presale of 200 of the 273 flats. “If that comes off, they will have a better chance of getting funding,” said a source close to the process.
The talks come amid uncertainty over the future of the 3-acre site, which Christian Candy’s CPC bought with equity and debt backing from Icelandic bank Kaupthing for £175m in 2006.
They have failed to secure construction finance, and many
Rival developers including Stanhope are understood to be talking to Kaupthing about their ideas for a more financially viable project than the 900,000 sq ft MAKE-designed proposal.
Kaupthing, which has tried unsuccessfully to sell down some of its £220m of debt in the project, and the Candys said this week that they remained committed to the project. “We are working on bringing down the costs,” said Nick Candy.
Mike Samuels, Kaupthing’s head of property, said both partners had put more equity in to keep the project going.
Green could not be reached to comment.
