CPC Group Ltd., the developer owned by Christian Candy, won local-government approval to convert an office building in London’s Knightsbridge neighborhood into a home that’s 16 times the size of a typical U.K. residence.
CPC, which helped develop the One Hyde Park luxury apartments in Knightsbridge, can turn Rutland House into a residential property and add a basement, Westminster borough council decided yesterday. The new home will include a massage room, cinema, swimming pool and cocktail lounge, according to a filing with the borough. It was approved by a vote of 3-0.
Knightsbridge is home to Harrods department store, Royal Albert Hall and One Hyde Park, developed by CPC Group as part of a venture with closely held Waterknights. The building, which overlooks Hyde Park and is attached to the Mandarin Oriental Hotel, is 300 meters (980 feet) from Harrods and less than a 10-minute walk from the residence Candy plans to develop.
Rutland House will have 1,265 square meters (13,616 square feet) of space with the extension, the filing said. That would make it more than 16 times the size of an average U.K. home, according to data compiled by the Royal Institute of Architects.
CPC, based in Guernsey, Channel Islands, will have to pay about 700,000 pounds ($1.1 million) to the borough’s affordable housing fund as a condition of planning approval.
Home prices in the borough fell 2.4 percent in June from a month earlier as the number of properties bought with cash dropped, researcher Acadametrics Ltd. and LSL Property Services Plc (LSL) said this month. Prices in the best London areas including Knightsbridge will climb 6 percent in 2013, broker Jones Lang LaSalle Inc. (JLL) estimated last month.
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