Feb. 3 (Bloomberg) -- Berkeley Group Holdings Plc, the U.K.’s largest homebuilder by value, will develop two residential towers in London’s Westminster district, after winning approval from the borough.
Abell House and Cleland House will be demolished and replaced by 11-story and 12-story buildings, with apartments ranging from one to four bedrooms, according to a planning application submitted by Berkeley Group. The development was approved by the borough last night, Charles Begley, an external spokesman for Berkeley, said by e-mail.
About 275 apartments will be built at the sites on John Islip Street, where the Tate Britain museum is located.
Affluent overseas investors are buying residential real estate in the U.K. capital to protect wealth from economic and political unrest at home. Cobham, England-based Berkeley has benefited by concentrating on London and southeast, where house prices have been the most resilient.
--Editors: Ross Larsen, David Risser.
#<501220.39116188.8.131.52.7.25># -0- Feb/03/2012 11:58 GMT
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