Candys consider selling stake in Middlesex hospital

        The Candy brothers are considering selling a stake in the Middlesex Hospital development in central London, as fears grow across the market that construction finance is becoming more difficult to secure.     In recent weeks, Christian Candy’s CPC Group has received offers of £250m to £280m from several parties – Stanhope with an overseas backer, sovereign wealth funds and private individuals – for the 900,000 sq ft mixed-use scheme north of Oxford Street, W1.     But Christian and brother Nick believe the site is worth well over £300m.     CPC and debt and equity partner Icelandic bank Kaupthing paid £175m for the site in 2006, during the boom. They have since won consent for a Ken Shuttleworth scheme called Noho Square, with 263 flats and 345,000 sq ft of offices.     “We might take on a new equity partner, but CPC and Candy & Candy will stay in,” Nick Candy said. He expects to complete demolition in October. There will then be six to nine months of foundation work before construction can begin.     Candy said CPC would need to secure construction funding by early 2009 to start building the scheme next year. He said CPC “may slow things down” due to market conditions. “If we can’t get it funded, we’ll hold it.”     julia.cahill@rbi.co.uk