Property developers make £250 million on one deal

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by Kay Murchie

Property magnates Nick Candy and Christian Candy bought two Kensington hotels in London back in 2006 for £69 million and have just sold them for a staggering £320 million, representing a profit of £250 million in just 18 months.

The successful thirtysomething brothers have shown that in spite of the capital’s uncertain property market and the credit squeeze, there is still money to be made.

The two hotels, which overlook Kensington Gardens, were sold to a Middle East consortium.

Candy & Candy are currently actively bidding on a number of projects in London, the US and the Gulf.

Last year, the siblings paid £600 million for Chelsea Barracks, where there is permission for 1,500 new homes and have appointed Lord Rogers of Riverside to design the project.

The properties should be ready to move in next year, each apartment comprises 24-hour room service, huge baths, marble work surfaces, floor to ceiling fridges, panic rooms, bullet-proof windows, private lifts direct to each flat, as well as eye scanners, parking spaces for 115 vehicles below ground and finally, views over Hyde Park and The Serpentine.

Candy and Candy’s headquarters are situated in Knightsbridge across the road from Harrods. The brothers divide their time between London and Monaco. Both are unmarried.