Apr
12

Billionaires Win Approval to Turn London Tower Into Apartments

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The UK 2010 General Election Results In A Hung Parliament

The Millbank Tower.

Photographer: Matt Cardy/Getty Images

Billionaire property investors David and Simon Reuben won approval to turn one of the oldest office towers in London’s Westminster borough into luxury apartments.

The brothers will be allowed to turn the Millbank Tower complex near the Palace of Westminster into 207 homes with a skybar and a 150-bedroom hotel, the borough council decided at a meeting Tuesday.

Soaring prices for luxury homes encouraged developers to seek to turn office space into 16,600 new homes in greater London in the two years through May 2015. Falling demand, rising supply and an increase in office rents is causing some developers to reconsider plans for homes, consulting firm Arcadis NV said on Monday…

Billionaires Win Approval to Turn London Tower Into Apartments

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