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Plans by the founder of Phones4U to turn a car park into a £1.5 BILLION apartment block have been approved despite objections.

Billionaire John Caudwell can now demolish the multi-storey car park and transform it into a state-of-the-art development where penthouses will be worth more than £100 million.

A number of locals had objected to the plans, with one resident fearing the building work will damage his privacy at his £50 million home.

The Mayfair development will be made up of 30 properties described in plans submitted to Westminster Council as "super prime".

(Image: RAMSA Architects / SWNS)

Historic England had expressed "concern" over the loss of one property which it described as a "good conservation area building" while The Residents Society of Mayfair and St James's called the development "inappropriate".

A number of residents objected to the bulk and height of Audley Square, which they say will reduce the daylight and damage their view.

But a planning committee meeting last week approved the plans, which were submitted to the council in March.

Cllr Robert Davis, deputy leader of Westminster Council, said: "It is a nice design and I am happy to grant, but we would like some new public art to be considered by the developers."

(Image: SWNS) (Image: SWNS)

The 296,000 sq/ft development will have more than 200,000 sq/ft of residential space - potentially valuing the site at upwards of £1.5 billion.

This will be made up of five townhouses, three penthouses, a mews home and 21 luxury apartments.

Each penthouse will have its own lift, gym and swimming pool and the largest, which will be 13,401 sq/ft, will be worth more than £100 million.

The five proposed townhouses will have their own pool and gym. On the lower second floor of the development will be the 'communal amenity facilities'.

(Image: RAMSA Architects / SWNS)

This includes a 15-metre swimming pool, a business centre for holding meetings, a gym, spa and cinema and games room. Stamp Duty from the sale of the properties would likely net the government more than £100 million.

Caudwell, who bought the site in 2011 for around £155 million, will have to contribute a whopping £9.4 million towards affordable housing.

It is the latest prime development to be given the green light in Mayfair.

There are currently 293 upmarket units being built - although the 30 which Caudwell has been given approval for could rival One Hyde Park in neighbouring Knightsbridge as the UK's poshest apartments.

Simon Barnes, from Mayfair-based property firm H Barnes & Co, welcomed the decision.

(Image: SWNS)

He said: "I think it is fantastic news that the plans have been approved and really great for the area.

"The car park has been a blot on the landscape for years. It is a disused space and I think John Caudwell is the sort of person who has the vision to make it a fantastic development. He understands what people will want.

"I think that when you build something good, people will come. There is unrest around the world and it is bringing people to London."