A new luxury block of flats advertised as being ‘in one of the most cosmopolitan areas of London’ is in LUTON – 30 miles away.
The glowing description describes the half million pound properties as ‘located close to one of the world’s leading financial districts’.
It adds ‘Many of the City’s famous landmarks, extensive transport routes, social and cultural attractions are right on your doorstep.’
But in reality the flats will overlook a busy dual carriageway and stand next to a casino, local pub and Luton Crown Court.
The Bedfordshire town is a good hour away by train from the capital with an annual season ticket costing £3,924.
And driving to London from Luton usually takes far longer via the traffic-clogged M1.
Like other towns around London, Luton has seen a rise in developers snapping up sites to house the capital’s soaring population.
Cllr Tom Shaw, housing portfolio holder on Luton Borough Council, said: “We’ve got letting agents in London listing properties in Luton and advertisements going up on the Underground.
“With the amount of people moving out of London the pressure is only getting bigger.
“We’ve seen ex-council houses going for #170,000 which was previously unheard of.”
The “luxurious” block has not even been built yet but an estate agent is already advertising the two-bedroom, top floor flats for over half a million pounds.
The Labour councillor admitted the #500,000+ price for the top flats required a “bit of imagination”.
He added: “For a property on a flyover opposite student accommodation, I don’t know who would list it for that.
“To arrive at that price you would need a little bit of imagination.”
The new blocks will house 130 flats and 359 student rooms with many one-bedroom flats in the development still costing around #354,000.
RE/MAX Property Centre are selling the flats on behalf of the developers and say residential properties will start at #227,119.
Prices vary between that and the upper estimate of #534,751 depending on the amount of bedrooms and what floor the flat is on.
Student rooms will be available to be bought by investors between #56,000 and #81,000.
Permission for the site’s construction was approved on condition that Sloane International Developers provide some affordable housing.
A council spokesman said: “The council approved the development subject to a Section 106 clause stipulating that a certain percentage of this development must be affordable housing, and the precise percentage has yet to be agreed.
“We would expect the remainder of the flats to be purchased at the market price.”
