Christian Candy’s CPC Group is set to abandon plans to develop a new serviced office business, with the sale of a West End commercial block it bought last year.
CPC Group has appointed Tudor Toone to sell 31-32 and 33-34 Alfred Place, WC1, which has planning consent for a £50m grade-A office redevelopment.
The Flanagan Lawrence-designed plans for the existing 43,676 sq ft 1950s buildings also include four luxury flats.
CPC bought the asset from Wainbridge off-market last June for around £16m.
West End sources said CPC was considering a high-end serviced office scheme, but had decided to concentrate on luxury homes.
A company spokesman said: “Having achieved an improved planning position and in the current strongly performing commercial market, CPC Group is looking to capitalise on this and is marketing the property.”
The Bloomsbury office market has strong potential for rental growth from its current averages of £57.50 per sq ft.
Offers in excess of £17m are sought for the 0.3-acre site. The property is held leasehold from the City Corporation under two headleases expiring in 2053.
