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Work Begins On Luxury Flat Conversion Of London Landmark Centre Point

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http://www.theguardian.com/uk-news/2015/jan/26/work-begins-luxury-flat-conversion-london-centre-point

Work has begun to convert London’s landmark Centre Point building into luxury flats.

The former office building has been a focal point on the skyline for five decades, and at various times a symbol of the property industry’s failings and of protest against the capital’s lack of affordable housing. Now it will be turned into 82 one- to five- bedroom apartments boasting pool, spa and fitness facilities, as well as views over the west end.

Nearby, three-bedroom flats are being marketed at an average of £3.2m. A block of 13 affordable homes will be built next door as part of the project.

Centre Point, which stands at the cross-section of Tottenham Court Road and Oxford Street, attracted controversy when it was first built by property tycoon Harry Hyams in 1966. It stood empty as he tried unsuccessfully to find a single tenant willing to pay the money take it on, and squatters moved in briefly to demonstrate against its residential areas remaining empty when London was in the grip of a housing crisis. Eventually let, it changed hands several times before being bought by current owners Almacantar 2011.

Mostly to be sold to rich foreigners?

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There's a great article in the FT as of last night which states that nearly 60,000 homes set to be priced at £1m or above are under construction or in planning in central London right now, while less than 4,000 such homes were sold in 2014. Delicious quotes about such places being sold off-plan to 'unsophisticated foreign investors'.

I think the Centre Point conversion is a high water mark for the London zombie orgy. The area around it is absolutely horrible. Still, if these savvy foreign investors are willing to pay for central London flats for key workers and contribute to the exchequer through stamp duty, I think we should be jolly grateful to them :-)

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Yes.....get foreigners to pay for building British infrastructure then crash the market so they all want to get out and then there will be plenty of decent (and affordable?)housing for all of us.......perhaps this was the plan all along.

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Yes.....get foreigners to pay for building British infrastructure then crash the market so they all want to get out and then there will be plenty of decent (and affordable?)housing for all of us.......perhaps this was the plan all along.

:lol:

i would vote for a government that does that ,

Edited by longgone

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