G&T London has secured backing from Christian Candy’s CPC Group for a £28m luxury residential development in the heart of Bloomsbury, WC1.
The developer, backed by CPC’s Omni Capital, has bought 11,830 sq ft 6 John Street from a private UK investor for £9.5m. It is the first time the pair have worked together.
Coffey Architects has been appointed to draw up plans to convert the office block into a 14,000 sq ft, 14-flat development. Subject to planning, construction on the scheme will begin next year for a 2016 completion.
The deal follows G&T’s £8.6m purchase of Clarendon Buildings, N5, for a 22-flat redevelopment. The firm has traditionally bought assets in the City fringe but is pursuing more West End sites.
Gal Adir, partner at G&T London, said: “This is an exciting year for us as we continue our aggressive acquisition strategy, with a view to continuing to develop landmark Islington projects but also diversifying our portfolio across the capital.”
The company is looking to invest in three more sites before the end of the year to develop a further £50m of residential projects.
Knight Frank advised G&T; Richard Susskind & Company represented the private vendor.
