Plans for an overhaul of Marble Arch Tower— with flats worth up to £18 million each — were unveiled today.
Almacantar, the owner of Centrepoint, bought the Sixties-built Marble Arch Tower in 2011 for £80 million.
The shabby 24-storey building, at the corner of Oxford Street and Edgware Road, will be replaced by a 17-storey apartment block and separate office building designed by Rafael Viñoly, the architect behind the City’s Walkie-Talkie skyscraper.
Residents of the 52 new flats will enjoy views of Hyde Park. But a one-bedroom home could set buyers back £2.4 million and a six-bedroom flat as much as £18 million, based on selling prices for comparable schemes such as The Lancasters near Hyde Park.
The Odeon cinema now on the site, which once boasted the largest cinema screen in the country, would be moved underground, freeing up retail space.
Almacantar, led by property veteran Mike Hussey, will submit plans to Westminster council before Christmas, with building work projected to start in 2015.
In a separate application the developer is submitting plans for 76 homes in a new block in Edgware Road, of which 47 will be affordable.
