St James's penthouse sets record as it sells for £115m... and it's not built yet

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The development, comprising five flats as well as the 20,000 sq ft penthouse, was only given planning permission at the end of last week.

This beats the sale a few weeks ago of an unbuilt penthouse in Knightsbridge, at the development known as One Hyde Park, for £100million.

8 St James's Square will be converted from a seven-storey Thirties office block to five flats - each occupying a whole floor - and the penthouse. There will also be a private bar/restaurant for residents on the ground floor.

The block and the house next door - designed by Sir Edwin Lutyens - were bought in November 2007 for £125 million. It is believed that as well as the penthouse, three of the other flats have been reserved.

The development was bought by Greek shipping tycoon Achilleas Kallakis through a subsidiary of his Monaco and Switzerland-based private family trust, Pacific Group.

The buyer of the penthouse is unknown.

As part of the deal, Westminster City Council has obtained almost £4million from the developers towards affordable housing in the borough. The developers will also pay £150,000 for improvements to St James's Square itself, and re-pave the footpath running along the building in York stone.

Peter Wetherell, who has been running his own estate agency specialising in Mayfair and St James's for more than 25 years, said: "This project will offer buyers the ownership of one out of only six flats, compared with one out of 86 at One Hyde Park.

"The building is south-facing and overlooks St James's gardens. Unlike most others, these gardens are locked from the afternoon onwards and at weekends, and only local residents have access keys. This gives added peace and security.

"This part of London has recently been more bridesmaid than bride but over the past year it has been catching up. These flats will contain every imaginable luxury in terms of design, security and home entertainment.

"But the main selling point could be sheer exclusivity - these will be the only flats available in St James's for a long time - the last ones were sold eight years ago".

The 86 flats at One Hyde Park in Knightsbridge - managed by the Candy brothers - are being designed by architect Richard Rogers. They should be completed by 2010.