March 22 (Bloomberg) -- CPC Group, the developer owned by Christian Candy, won approval from the City of London borough’s members to build 165 apartments near the Tower of London.
CPC bought the Sugar Quay site in the City of London financial district in February 2011 and sought to develop an 11-story building with apartments and a shop on the bank of the River Thames near Tower Bridge. The development can go ahead after today’s vote.
Developers are turning obsolete commercial buildings into apartments in the City of London as non-prime offices on the fringes of the financial district become difficult to lease. Architects Foster + Partners have been working with CPC on the development proposal, according to a statement in November when planning permission was sought. The site already had approval for an office building when it was bought by Guernsey, Channel Islands-based CPC, according to the company’s website.
CPC developed the luxury One Hyde Park apartment project in Knightsbridge as part of a joint venture with closely held Waterknights.
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