British businessman finds we're 'ripe' for luxurious plucking

THE man responsible for building the most expensive apartment block in the world has Sydney in his sights.

British developer Nick Candy in Hyde Park

THE man responsible for building the most expensive apartment block in the world has Sydney in his sights for his next billion-dollar project.

Nick Candy, from London-design and construction firm Candy & Candy, said Australia was "ripe" for high-end accommodation, particularly for cashed-up Chinese businessmen.

Mr Candy, in Sydney yesterday while his girlfriend, Australian actress Holly Valance, promoted her new film, is taking advantage of the trip to scope out possible sites for a follow-up to his luxurious London apartment block, One Hyde Park, where a one-bedroom flat will set you back about ₤10 million ($16m).

Candy & Candy celebrated the sale this month of the 50th apartment in the Knightsbridge development, bringing total sales to more than ₤1.25 billion.

Mr Candy said ongoing interest in investing in Australia, particularly from Asia, was driving high demand in property near the CBD in Sydney and Melbourne.

"Australia seems to have responded to the global downturn better then many countries, making it an ideal place to start looking for a new project," he said.

The federal government's carbon tax was not enough to turn him off Australia as a development opportunity, Mr Candy said, and unlike most Sydneysiders, he was not fixated on the harbour, saying it would be nice to do another Hyde Park.

One Hyde Park is a long way from Mr Candy's first, small development 15 years ago with his brother Christian, and from his university studies in human geography. "I had no intention of becoming a developer. The whole business happened purely by coincidence," he said.

"My brother and I refused to rent because it's just dead money, so we purchased a run-down flat, which we renovated while we were studying," he said.

"My grandmother lent us the ₤6000 deposit for the place, which we purchased for ₤122,000 and after renovating it, sold it for ₤172,000 only two years later. We've come a long way since developing a run-down flat during college."

It hasn't been completely smooth sailing for the brothers, however. They suffered a setback last year when financing for a $US1 billion ($933m) project in Beverly Hills fell through.

The company was forced to sell the site at a loss of $US320m. Mr Candy accepted the loss as a "learning experience" and said he took no pleasure in losing money, but "it taught us a valuable lesson".

When asked whether this was enough to turn him off real estate, Mr Candy said: "The reality is I love what I do. My brother and I work very hard but it's a pleasure.

"I love creating buildings and design products. I enjoy giving to charities, which is something we can continue to do while we keep working. I think the secret to success is doing something you love well."

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