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Great for the shopaholic: £2m flats in Oxford Street
Ruth Bloomfield12.03.09
It may be the ideal home for a dedicated shopper.
At least 39 flats are to be built in Oxford Street as part of its first major development in decades.
Those who can afford the predicted £2million price tag - and tolerate the queues of traffic below - will enjoy views straight into Selfridges.
Developer Land Securities has won a lengthy legal battle to be allowed to build the nine-storey block, which was inspired by the aerodynamic shape of sports cars.
The building, designed by architects Hamiltons, will include 31,100 square metres of office space and three floors of shops as well as the flats, which will vary in size.
The £350million building will replace a Sixties tower block, Park House. It was demolished last year but a dispute with a company opposite, which demanded extensive relocation costs, has delayed the start of the work.
However the High Court has now turned down two judicial review challenges lodged by law firm Fladgate against the scheme.
A spokesman for Land Securities said the developer was committed to the project despite the downturn, but would not say when work would begin.
"There is a 21-day period when an appeal could be lodged, and we will take a view after that," he said. "We would have loved to start work immediately after demolition but that was not possible.
"The issue now is that the design team has been stood down and we have to see when they are available. We are in the hands of the contractors, but we are very much committed to this project."
The spokesman would not speculate on how much the apartments would cost, but experts believe properties in such a prime location could still reach prices starting at £2million. "It's safe to say that I won't be able to afford one," said the spokesman.
It is the first major development in Oxford Street for more than 40 years and the biggest office scheme in Mayfair in a decade.
Struggling Land Securities last month confirmed it was to slash its dividend and ask shareholders for £746million.
Reader views (5)
I'm well below the average banker salary, and well yeah I can afford one of these £2m. WOW only £2m, I may buy two.
Cheers to all the other proffesions.
- Belowaveragebanker, London
I used to live in the sixties block they pulled down. It was a student halls and, despite being in bad condition, was a great place to live. We didn't pay £2m to live there!
- Clare, London
They should be worth less than a million by next year
- Keith Price, Luton, England
£2m flats in Oxford Street?
And there is me thinking that the rich are having hard times.
I bet Bankers snap up the lot.
- Mickyinlondon, london
I think these would be perfect for the homeless community, or MP's second properties.
- Madge, London
