Property developers Londonewcastle and The Third Quarter have joined forces to develop a collection of unique new penthouse apartments in the heart of Clerkenwell EC1.
Located at 62-68 Rosebery Avenue, the new penthouse development is located a short distance from Exmouth Market and will offer pleasant views of St Paul's Cathedral and the City.
The development will comprise of four duplex apartments available for private sale and is due to launch in late 2013.
David Barnett, CEO of Londonewcastle, said: "We are pleased to be partnering with The Third Quarter on a project where our expertise can be leveraged to deliver a new benchmark for Exmouth Market living."
Phil Hylander, chief executive of The Third Quarter, commented: "This is an exciting start for The Third Quarter and we are looking forward to working with the team at Londonewcastle on this beautiful building."
With London suffering from a general housing shortage, the new homes are sure to appeal to investors as well as owner-occupiers.
The demand-supply imbalance in London has pushed property prices and rents significantly higher in recent years and with a lack of new homes coming onto the market this trend looks set to continue moving forward.
A new independent research paper Renting in London: the coming boom, written by Professor Michael Ball, University of Reading, on behalf of Cluttons, projects that rental values in the capital will rise by 5% annually over the next ten years, exceeding residential property price growth of around 4% per year.
"The pressure of demand from tenants wanting to live in the city will underpin rental growth at a level ahead of the historic long term trend," said Lynn Hilton, partner for residential lettings at Cluttons.