No 1 Palace Street, within St James's Park, is set to become the most sought-after address in London – apart from the place next door. Thomas Gordon-Colebrooke reports.

TAGS:

The opportunity to live next door to The Queen has arisen in the form of a new development in the heart of St James’s Park.

No 1 Palace Street, in the heart of St James’s Park, was originally constructed as the Palace Hotel for the overflow of Queen Victoria’s guests, built on land formerly surrounded by James I’s mulberry-tree garden and aviary.

Now, it is being turned into 72 apartments, with the redevelopment of the 300,000sq ft building set for completion in 2019.

The building had subsequently been used as office space until it was bought in 2013 by Abu Dhabi Financial Group – they paid £310 million for it, but seem likely to recoup their investment fairly easily. They sold the first apartment for £20 million before construction had even begun – demand is expected to be fierce.

The development company in charge of the project, Northacre, is working with architect Squire & Partners to convert the beautiful Grade II-listed building from offices, using Italian and French Renaissance, Beaux Arts and Queen Anne styles.

Niccoló Barattieri di San Pietro, Northacre’s CEO, believes that the combination of ‘outstanding architecture, high ceilings and contemporary interior design’ will ‘tempt the most discerning of buyers’. Not to mention the wealthiest: prices for the 72 apartments will start at £2,500,000.

This artist’s image shows the location

What you get for your money, however, is something very special. Residents can expect a full concierge service, valet underground parking, a courtyard garden and a restaurant.

Also on the site will be a 20m pool, a 2,000sq ft gym and a library.

Once complete, it’ll be the only residential property in the capital with views over Buckingham Palace’s gardens.

And on top of that, you never know who might pop round from next door when you throw your housewarming party…

You can find out more about No. 1 Palace Street at Northacre’s website, and you can find more properties within a stone’s throw of St James’s Park here.