Centre Point: Almacantar begins converting London's concrete tower into luxury apartments for the super-rich

The work is expected to take two-and-a-half years

A general view of the construction at Centre Point on 27 January, 2015, in London (Getty)

Towering over Oxford Street, almost directly above Tottenham Court Road Tube station is a 398-ft, 33-storey concrete building that dates from the Sixties – but now it is set to become the playground of the super-rich.

Developer Almacantar announced yesterday that it has started work converting Centre Point, which was developed by property tycoon Harry Hyams in 1966, into 82 luxury apartments.

According to The Telegraph, the apartments will consist of 16 one-bedroom, 37 two-bedroom, 26 three-bedroom, two four-bedroom and one five-bedroom flats.

The newspaper said it understood that Almacantar plans to sell the five-bedroom apartment for up to £50 million.

The Richard Seifert-designed tower will be one of the most prominent buildings to switch from commercial to residential use in London's West End as developers cash in on rising prices for property in prime areas of the city.

Centre Point was controversial from its conception due to its height and was left empty for almost a decade as Hyams held out to find a single tenant.

It became an emblem for people protesting against property speculation in the city and was briefly occupied by homeless campaigners in 1974.

Its design later won fans, however, and it was listed in 1995, in part because it was symbolic of 1960s 'Swinging London'.

Almacantar, which is led by former Land Securities executive Mike Hussey, said the conversion will take two-and-a-half-years. A new pedestrianised square will also link Oxford Street with the Soho and Covent Garden entertainment districts.

It will also transform Centre Point's nine-storey block of shops, offices and retail units, and build 13 affordable homes and 41,780 square feet of retail space.

The project will be completed in time for the opening of London's Crossrail station at Tottenham Court Road, which will become one of the city's busiest transport hubs, it said.

Additional reporting by Reuters