Billionaire businessman unveils amazing plans to transform multi-storey car park into £2BILLION apartments to rival world's poshest homes
One of Britain's top entrepreneurs has unveiled a new plan to build a block of flats worth as much as £2billion on the site of an ugly multi-storey car park. John Caudwell, the founder of Phones4U, bought the Audley Street garage in Mayfair, central London for £155million in order to knock it down and build a high-end housing complex.
The new apartment block will contain five townhouses, three penthouses, a mews home and 21 more luxury flats, rivalling properties such as One Hyde Park for the title of the world's most desirable living space. But it could face trouble getting planning permission - as VIP neighbours may object to the building works needed to build four levels of basements as well as nine storeys above the ground. Each townhouse and penthouse will have its own gym and swimming pool, while the penthouses will have dedicated lifts to ensure their owners' privacy.
Entrepreneur: The Phones4U founder, is known as a prolific investor in Mayfair property. The development's communal facilities will include a 15-metre swimming pool, a business centre for holding meetings, a gym, spa and cinema and games room. Plans for the ambitious complex were submitted to Westminster Council this week after being put together by US architects RAMSA, which beat 30 rivals to the job.
Audley Square House is regarded as a 'super prime' scheme - with one agent saying it could reach £10,000 per sq/ft, valuing it at £2billion in total.
Becky Fatemi, director of Rokstone estate agents, said Audley Square House was 'one of the most exciting residential projects ever unveiled in London'. She estimated it would sell for £5,500-£7,000 per sq/ft, rising as high as £10,000 per sq/ft in the next few years. Ms Fatemi said: 'John Caudwell's visionary proposals will replace an unsightly multi-storey concrete car park at 5 Audley Square and convert it into a super-prime residential project. 'The Audley Square project will create a new luxury village for Mayfair and will rival One Hyde Park as London's best luxury address.'
Susan Cohen from Mayfair-based Pastor Real Estate said: 'Speculation on plans to develop the Audley Square car park have been going almost as long as I've been in Mayfair, long before the £150 million deal to purchase the site in 2011. 'There have been many twists and turns, initially refused by the planning officer, Westminster council then overturned this, now the plans have been revised and resubmitted. 'Whatever happens, due to the scale of investment already ploughed into this I don't doubt the finished development will be one of the most super-prime schemes in Mayfair.'
Mark Tunstall of Tunstall Property added: 'Mayfair is becoming increasingly residential as commercial leases granted after World War II on previously residential addresses come to an end and those properties are reinstated to their original use. 'Yet where it has lagged behind other areas such as Knightsbridge and Belgravia is in its provision of 21st century full-service apartment buildings. 'What Mayfair has lacked until now is a building to rival One Hyde Park and 199 Knightsbridge. Audley Square is set to be a game changer.'
Mr Caudwell, 62, has previously described the location as being 'the best site in the world but with some of the ugliest buildings', and promised his stone-clad development will be 'very beautiful'. He does not plan to include any affordable housing as part of the complex - and will instead pay Westminster Council more than £8million in compensation. If the property is sold for its maximum price, the Treasury could gain as much as £100million in stamp duty.
However, Ms Fatemi warned that powerful locals might not be happy with the years of building works which would be likely to ensue in the area. 'The project will have a lower ground floor and four basement levels, this will be a major engineering scheme,' she said. 'The neighbours are powerful and include the Embassy of Qatar, the Dorchester Hotel and very wealthy apartment owners who will expect the site construction to be managed to the highest levels to ensure no noise or construction impact and they will expect constantly clean roads.'
Mr Caudwell has previously made a number of significant investments in Mayfair - he is currently spending millions on converting two houses into a single mega-mansion, and he also owns the house next to Audley Square, which has been rented out for £15,000 per week. A spokesman for the development project declined to comment on the newly revealed plans.
Date: 07/04/2015 | Source: Daily Mail
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