Palace Street block to be turned into apartments fit for a queen

 
Marion Dakers
IT’S AN address that could soon be one of the most desirable in London: a listed building just across the road from Buckingham Palace.

Property company Northacre yesterday pledged to turn the former offices for the Department for International Development into a luxury apartment block.

DfiD has freed up the prime location at 1 Palace Street for developers by moving to Whitehall, as part of the government’s cost-cutting drive.

The site already has planning permission for a gym and a spa, as well as the flats.

Northacre, one of the firms behind the Lancasters development in Hyde Park, will use £10m of its own money and will also be working with a string of institutional investors under a special purpose vehicle named Palace Revive.

“We believe that 1 Palace Street will be the leading high-end residential development in prime central London for the coming years,” said Northacre’s new boss Niccolo Barattieri di San Pietro.