Tue, 18 Jan 2011 | BUSINESS SALE
Property tycoons Christian and Nick Candy have announced their intentions to sell the three shops located underneath their 'One Hyde Park' development.
The brothers have already appointed property brokers Cushman & Wakefield and Michael Elliot to market the properties in London's Knightsbridge.
The shops, which will have a price tag of around £50 million, comprise 8,950 sq ft of retail space, and are currently let to Abu Dhabi Islamic Bank, car giant McLaren and Rolex, all of whom have 15-year leases.
The news that the retail side of One Hyde Park is being put up for sale comes just one day ahead of the main launch event for the residential side of the development.
The prime London development – a joint venture between the Candy brothers and Qatari investors - contains some of the priciest residential properties in the country. Of the 86 luxury apartments, 50 have already been snapped up, with prices exceeding £6,000 per sq ft in some cases. Many of the buyers are from the Middle East or Russia.
Last year, the penthouse at One Hyde Park, which boasts a panic room and views across the Serpentine, sold for a record-breaking £140 million.
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