Office Living..
Tim Craine, a director of London Development Research, believes that 90% of residential development in the capital is on ex-commercial sites, and estimates that 500-600 conversion schemes are currently being undertaken, many of them in expensive enclaves such as Knightsbridge, Mayfair, Belgravia, Kensington and Chelsea.
But don't think these developments are helping to provide low cost property for first time buyers, no it would seem that most of these developments are designed to appeal to the super rich
The Timesonline reports that Australia’s richest man, James Packer, son of Kerry Packer, the late media mogul, has reportedly just paid £15m for a newly converted flat set across three floors at 44-46 Park Street in Mayfair. The building, originally residential, was turned into office accommodation in the 1940s, when Sir Winston Churchill held cabinet meetings in its rooms.
The latest makeover has converted it back into six luxury flats, designed to appeal to ambassadors and the super-rich. Northacre, the developer behind 44-46 Park Street’s reconversion, has also turned the buildings of Queen Elizabeth College, set in four acres in Kensington, into 66 flats, now known as the Phillimores.
They also go onto to say that for several months, the busy junction at the top end of Knightsbridge has been even more hectic than usual, as cranes and scaffolding have risen up around Bowater House, opposite Harvey Nichols. An ugly 1950s block, it is currently being demolished and will be replaced by 86 luxury apartments. Known as One Hyde Park, the scheme is scheduled to be completed in 2009 and is managed by super-trendy interior designers Candy & Candy. Individual units, designed by the Richard Rogers Partnership, are expected to go on sale for up to £25m.
But don't think these developments are helping to provide low cost property for first time buyers, no it would seem that most of these developments are designed to appeal to the super rich
The Timesonline reports that Australia’s richest man, James Packer, son of Kerry Packer, the late media mogul, has reportedly just paid £15m for a newly converted flat set across three floors at 44-46 Park Street in Mayfair. The building, originally residential, was turned into office accommodation in the 1940s, when Sir Winston Churchill held cabinet meetings in its rooms.
The latest makeover has converted it back into six luxury flats, designed to appeal to ambassadors and the super-rich. Northacre, the developer behind 44-46 Park Street’s reconversion, has also turned the buildings of Queen Elizabeth College, set in four acres in Kensington, into 66 flats, now known as the Phillimores.
They also go onto to say that for several months, the busy junction at the top end of Knightsbridge has been even more hectic than usual, as cranes and scaffolding have risen up around Bowater House, opposite Harvey Nichols. An ugly 1950s block, it is currently being demolished and will be replaced by 86 luxury apartments. Known as One Hyde Park, the scheme is scheduled to be completed in 2009 and is managed by super-trendy interior designers Candy & Candy. Individual units, designed by the Richard Rogers Partnership, are expected to go on sale for up to £25m.
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