A new £370 million "village" in the center of Islington yards in London will soon house hundreds of luxury apartments. The 500,000-square-foot "Islington Square" will take the place of the former North London Royal Mail Center building on Upper Street, and will offer studios starting from £550,000, and penthouses priced at around £3.5 million.

Aside from 356 private flats, the 4.5-acre Sagers Group development will include shops, restaurants, offices, a health club and a cinema.

According to Giris Rabinovitch, the chief executive of the Group, "This transaction marks a major milestone in the development of Islington Square which will become a landmark retail and leisure destination and a welcome addition to this thriving area of London."

The colossal edifice, which will stand at the site of Tony Blair and Gordon Brown's famous "Granita Pact"—a 1994 agreement made over the future leadership of the Labour party—is one of the largest luxury developments in the area.

Photos and details courtesy of The Standard.

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