Currently 20,000 lucky Londoners are able to get one gigabit per second broadband download speeds thanks to a start-up firm called Hyperoptic. This is a speed about 10 times faster than Virgin Media and BT’s best fibre broadband offerings. What is the price for this superbly fast broadband package? It is currently £50 a month, but the company also offers cheaper slower fibre options from as little as £12.50 per month.

The Telegraph reports that Hyperoptic is looking to expand its customer base in “urban areas” and is concentrating on installations in apartment buildings of 100 flats or more. Hyperoptic targets these blocks as installation costs are relatively low and are paired with a high potential return; also the firm is encouraging property developers and landlords to partner with them. Furthermore the company is encouraging residents of blocks of flats to band together; with sufficient demand the fibre optic network will come says the Hyperoptic MD.

Hyperoptic managing director Dana Tobak has plenty of experience of the broadband industry. In 2004 she and a partner founded Be Unlimited. At the time Be was the first service provider to offer “up to” 24 megabits per second downloads. That successful venture was sold 18 months later to O2 and recently O2 has been swallowed up by Sky.

Chatting about the new one gigabit service Tobak said “You might not need one gigabit now, but history shows people will use it as time goes on.” She added that “I wouldn’t pretend there is a need for a gigabit, but there isn’t a need for a Ferrari either”. Indeed, not all Hyperoptic’s customers opt for the one gigabit download speed at £50, that’s the headlining package. More standard offerings of 20 meg (£12.50 per month) and 100 meg (£25 per month) download speeds are also on offer.