An audacious apartment development in London’s Knightsbridge to be marketed exclusively at the super-rich, has been given the rubber stamp o...

An audacious apartment development in London’s Knightsbridge to be marketed exclusively at the super-rich, has been given the rubber stamp of approval by Westminster Council, according to reports in the UK press.

The block of 86 luxury flats, which will cost in advance of £20 million ($35 million) each, are to be built by a consortium of investors including an undisclosed Guernsey-based company and the Bank of Scotland.

The venture is being overseen by Nick and Christian Candy, the designers.

The flats are to be designed by the world renowned architect Lord Rogers and will be housed on the site of Bowater House, a 1950s office block not far from Harrods.

This ambitious project is the latest in a string of new £10 million-plus flats aimed at high net worth individuals, who are apparently now concerned about their saftey and demand it in a state-of-the-art format.

Candy & Candy currently holds the record for London's most expensive flat, a £27 million apartment designed in Chelsea. The pair were also advisors on 21-24 Chesham Place in Belgravia where flats are expected to sell for £10 million - £20 million each.

The nearby “Knightsbridge” block, developed by Hong Kong tycoon Sammy Lee, has sold more than 75 per cent of its 200 flats, ranging in price from £500,000 to £20 million apiece.

The investors in Bowater House did take a risk by buying the £150 million building from Land Securities last year in a deal which was unconditional on planning permission, said Candy & Candy.

The proposed design has been described by Westminster Council's head of planning as one of "exceptional architectural quality”.