It is marketed as "affordable luxury" - an office-to-residential conversion in Croydon town centre that promises a "new model of sophisticated urban living", with flats stuffed full of granite work surfaces, Bosch appliances, and "hyperoptic broadband".

Affordable luxury: How the flats could look. Photo: easyProperty

A communal roof garden, concierge service, and parking spaces are also part of the package at Impact House, gushes estate agent easyProperty - all just minutes’ away from East Croydon station.

With apartments in the building now on the market, the first tenants are expected to move into Impact House in 2017.

But the cheapest one-bedroom home will set you back a cool £298,000, more than 10 times the average annual wage in Croydon.

Rob Ellice, chairman of easyProperty, said: "Impact House offers affordable luxury for first-time buyers, and is a great example of delivering high-specification high-quality interiors while still offering value for money in an up-and-coming area of London, and is primed to become one of the in-demand residential developments in Croydon."

The upcoming Westfield development in the town centre would only speed up the rise of house prices in Croydon, Mr Ellice said.

Pat Ryan, Labour councillor for Upper Norwood, said: "It’s poppycock. They’re not affordable.

"Are these people living in the real world? Are they aware of the money that people like nurses and junior doctors earn?

"Not even key workers can afford them. Let’s get real. We desperately need affordable housing.

"It’s not just in Croydon, but in other boroughs as well."

Inspired Homes' plans to convert Impact House, in Edridge Road, were approved before Croydon Council introduced a policy banning the practice.

Two-bedroom homes in the development will cost from £437,000.

A recent press release for the development said: "Competitive price points, combined with the opportunity for significant future capital growth as Croydon undergoes a massive regeneration project spearheaded by the new Westfield shopping centre, are proving to be the biggest draws for first-time buyers and investors to this south London suburb."

More than 60 per cent of units had already been sold off-plan, according to the release.