Fitzrovia is moving upmarket with apartments priced at £12m

FITZROVIA is moving upmarket from its humble arty roots with a development of 237 apartments priced at up to £12.5m each.

The central London area, once known as a run-down artistic neighbourhood, will become the home of Fitzroy Place, on the site of the former Middlesex Hospital in Mortimer Street.

Developer Exemplar has already sold around half the apartments off-plan, with prices ranging from £750,000 for a 500 square foot studio flat to £12.5m for a three-bedroom penthouse.

Gavin Sung of Savills, which is marketing the scheme, said around 30 per cent of sales have been to UK buyers who had registered interest, with the rest coming from overseas. The remaining homes will be offered to UK buyers from next week.

Prices for the apartments, which will not be completed until 2014, have averaged £1,700 per square foot – similar to residential costs in Chelsea or St John’s Wood.

“The area is popular because it has a village feel while being so central,” said Sung.