Candy jv buys chunk of Grosvenor Waterside

                        A joint venture between Christian Candy’s CPC Group and Qatari Diar has bought a chunk of the Grosvenor Waterside development in Chelsea.   Project Red Guernsey, the joint venture between the gulf state’s investment company and one half of luxury residential specialist Candy & Candy, is purchasing phase two of the scheme from St James – the joint venture company owned by Berkeley Homes.   The second phase of the luxury residential development comprises 355 flats and 263 car parking spaces arranged within three buildings, and is due for completion by 2012.   No price was given for the purchase, which “complements” the £600m Chelsea Barracks bought by the partners earlier this year, but Evolution Securities calculated it to be more than £80m based on the number of flats and their individual prices.   Phase one and two of the Grosvenor Waterside scheme includes six buildings comprising 620 flats with a business centre and underground parking.   Candy & Candy is not part of the JV but will co-ordinate sales administration and marketing activities for phase two of the scheme. CPC Group COO, Richard Williams, said: “Its position on the North bank represents an exciting residential opportunity.   “We believe in the Chelsea market both in short term and long term and this can be seen by our investment in Grosvenor Waterside and purchase of the Chelsea Barracks with Qatari Diar.   “We admire the excellent work of all the architects involved in the project and we are already working closely with MAKE to develop Noho Square (the former Middlesex Hospital).”   bridget.oconnell@rbi.co.uk