The developer Galliard Homes is planning to transform the former European Council for Foreign Relations building at 29-35 Old Queen Street in Westminster into 22 ultra-luxury flats.
Prices for the new flats are expected to range between £2,500 and £3,000+ per sq ft, which will set a new price record for residential property in Westminster/Whitehall, and increase the general property rates in line with neighbouring Marylebone and Mayfair.
The entire scheme is estimated to be worth £100m and should generate hundreds of construction jobs..
The 27,190 sq ft residential scheme designed by Squire & Partners will resemble the One Hyde Park Scheme in Knightsbridge.
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.”
Although 29-35 Old Queen Street was originally used to accommodate grand mansion flats occupied by Westminster politicians and wealthy merchants in the early 1900s, after 1945 the building was transformed into office space and served as the London headquarters of the European Council for Foreign Relations.
The announcement comes at a time of concerns from some landlords and developers that London’s booming luxury property market is set to cool down in near future.
According to the estate agent Savills, the prices at the top end of the market are expected to rise by 3-4% in 2014 down from a previous rate of 8.9%.
Photo Source: Building