Squire & Partners-designed scheme for Galliard Homes near Houses of Parliament wins planning permission
An office in block within walking distance of Downing Street and the Houses of Parliament is set to be turned into a series of luxury flats after the scheme was granted planning by Westminster council.
The former European Council for Foreign Relations building at 29-35 Old Queen Street is set to undergo a 拢100m renovation to turn it into 22 super-luxury apartments complete with rooftop gardens.
According to developer Galliard Homes, the project will emulate the One Hyde Park Scheme in Knightsbridge which earlier this month saw a 16,000 sq ft penthouse apartment break records when it sold for 拢140m.
The cheapest flat in the new scheme will cost 拢1.6m, while the most expensive has not yet been confirmed but is expected to run into 鈥渕illions鈥�.
The apartments have been designed by Squire & Partners and are expected to be sold to Middle East, Asian and African buyers before the scheme has been completed.
Stephen Conway, chief executive of Galliard Homes said: 鈥淥ur Squire & Partners project is the most luxurious residential development undertaken to date.
鈥淧rime 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鈥檚 most luxurious new residences.鈥�
The development comes amid warnings from several landlords and developers that London鈥檚 luxury property market is showing signs of cooling.
The Grosvenor Group has warned of a 鈥渂ubble鈥� in the market after selling off 拢240m of its London portfolio.
The company said that it 鈥渂een concerned about the high level of residential prices for some time鈥�.
Earlier this month estate agent Savills reported that prices at the top end of the market were likely to rise by 3-4% in 2014 down from a previous rate of 8.9%.
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