£16m... but parking's extra

Having paid £16million for a flat, it would not be unreasonable to expect it to come with all imaginable mod cons.

And the residents of Chesham Place in Belgravia - who will soon be able to enjoy homes equipped with substantial balconies or terraces, double-height reception rooms and indoor swimming pools with space for a Jacuzzi, sauna, steam room and changing facilities - will not be disappointed.

But buyers of apartments in the sumptuous new block designed by Norman Foster will not have quite everything.

Should they wish to avail themselves of car-parking spaces in its underground car park they will have to pay an extra £250,000 - the same price as the average London property.

The price may come as a shock to many but the experts say they are not surprised. Because while property prices at the top of the market are cooling rapidly, the price of parking spaces keeps going up and up. Chesham Place is in an enviable location on the borders of Belgravia and Knightsbridge.

It is being developed by Nick and Christopher Candy on the site of a drab former BT Telephone Exchange, and is due to be finished by the end of next year.

The facade is made of stone, mesh screens and glazed cladding. The rear is mainly glazed, with a central bay protected from heat and glare by external blinds.

Lord Foster said: "This is a rare opportunity to build in one of London's most important conservation areas. We enjoyed the challenge of creating a contemporary interpretation of a historic setting, providing lateral space in an otherwise vertical environment."

The building will contain six apartments, ranging in size from 4,300 to more than 8,000 square feet. They will be sold for between ?10million and ?14million for 999-year leases and a share of the freehold.

The building will have a 24-hour concierge service, with space for two porters in the reception hall, plus a plush waiting area for six guests. All communal parts will be designed and furnished by Candy and Candy.

The developers promise "stateof-the-art security" as well as two internal passenger lifts and a goods lift to each floor.

The secure underground car park will be served by a special car lift, equipped to accommodate a vehicle the size of a Range Rover.

Each owner will be entitled to buy two parking spaces, at a cost of ?125,000 each. For security reasons, they will be not be able to sell or rent their spaces other than to residents of the building.

Ed Lewis, director of estate agency FPDSavills, said: "Being able to park your car safely in central London is crucial for many buyers, and the asking price is indicative of demand.

"Many purchasers at the top end of the market drive very expensive vehicles, and security, convenience and peace of mind is important to them.

"New developments are able to offer secure parking and we know from our own buyers that it is one of the key factors in them deciding to buy."

In February the Standard reported that parking spaces being sold for ?100,000 each in Knightsbridge were then the most expensive in the capital.