World's Most Expensive Property Sold in London

A flat in central London has become the most expensive home in the world, with a price understood to exceed £115m.

The flat in St James’s Square, equidistant from 10 Downing Street and Buckingham Palace, was granted planning permission last week. The value of the off-plan sale indicates that the world’s most expensive properties are not yet being hit by the international financial crisis.

It is to be carved out of a seven-storey 1930s office block, which will be used to create a total of six extravagant apartments.

The figure exceeds the £100m asking price for the most expensive apartment at One Hyde Park, the Candy & Candy development designed by the Richard Rogers Partnership.

It is also far in excess of the highest completed sale of £80m, paid for a house on Upper Phillimore Gardens in Kensington last month. Four years ago Lakshmi Mittal, Britain’s richest man, achieved a world record by paying £70m for a 12-bedroom mansion near Kensington Palace.