'Luxury' apartments expected to achieve record house prices for Westminster
Published by Max Salsbury for 24dash.com in Housing and also in Development
old queen street
Planning permission has been granted to transform a Westminster building into one of London's most expensive apartment schemes.
The £100 million project at the former European Council for Foreign Relations building will create 22 'super luxury' lateral apartments complete with rooftop gardens.
It is anticipated that the project will hit new record prices for Westminster & St James – £3,000+ per sq ft.
The apartments are expected to be snapped up before the project is even built by super-wealthy Middle East, Asian and African buyers who want a 'trophy' flat adjacent to Number 10 Downing Street.
Back in 2012, Westminster City Council offered homeless families in its ward accommodation in places as far away as Bletchley, a mere 54 miles down the road.
In an interesting turnaround, the area will now welcome with open arms billionaires from 1000s of miles away.
Developer Galliard Homes says the vast prices will help raise Whitehall property prices in line with neighbouring Mayfair and Marylebone.
The firm added that that the project will be like a "new mini One Hyde Park with 5-star facilities, concierge, opulent marble foyer and prestigious Whitehall address".
The cheapest unit in the project – a one-bed flat - will cost £1.6 million. Prices for the most expensive have not yet been set but will run into the "millions".
It will also be the closest new luxury residential project to 10 Downing Street.
Stephen Conway, chief executive of Galliard Homes said: “Our Squire & Partners project is the most luxurious residential development undertaken to date in Westminster and will help to raise residential values in the district to be in line with neighbouring Mayfair and Marylebone.
"Prime London residential values have overtaken commercial, and this means that the West End, Westminster and Whitehall is rapidly transforming from being dominated by offices into addresses associated with London’s most luxurious new residences and 5 star hotels. This project is the latest part in this ongoing evolution and we anticipate strong sales interest in the scheme.”
However, leader of the Westminster Labour Group Paul Dilmondenberg said: “This is bad news for anyone who wants to see a thriving local community in the heart of Westminster. Just like the apartments in One Hyde Park, this development will be nothing more than a series of expensive airport waiting lounges for global billionaires who make no contribution to the local community, the local economy or to local life. These apartments will be empty for most of the year, just like at One Hyde Park. Slowly but surely, the heart of Westminster is having the life sucked out of it by these ridiculously over-priced ‘trophy’ developments.”