Christian Candy has stepped in to save Make’s £200 million Noho Square scheme from potential collapse after its major backer, Icelandic bank Kaupthing, was nationalised and its UK arm put into administration this week.

Candy’s CPC Group - previously the minority investor in the scheme to convert the former Middlesex Hospital in central London into luxury apartments - now owns 100% of the development.

The project, which was mothballed in the summer and still requires a loan for construction, comprises 216 new homes and 33,000sq m of offices.

In a related development, CPC Group has taken majority ownership of the exclusive 9900 Wiltshire Beverly Hills condominium scheme by Pritzker Prize winner Richard Meier, which was also backed by Kaupthing.

Christian Candy said: “It is never satisfying to benefit from others’ misfortune, and this is the last way we ever wanted to gain control of both sites.

“This is clearly very good news for CPC Group and the underlying projects. However, our thoughts are with our friends at Kaupthing at this time.”