This Is London’s Most Expensive Apartment by Michal Addady @FortuneMagazine July 20, 2016, 11:42 AM EDT E-mail Tweet Facebook Linkedin Share icons A property at Admiralty Arch in London could be the most expensive apartment to ever be listed in the city. It’s a 12-bedroom home that comes with concierge service, valet parking, a membership to a private members’ club, and ceilings at least a third higher than other luxury apartments in London, the Telegraph reports. It’s being sold by Rafael Serrano, a Spanish developer, and is expected to cost nearly $200 million. The “stamp duty,” a tax on documents in a real estate transaction in the U.K., on the apartment alone will come to $21 million. The average price for an apartment in Westminster is $2,000 per square foot. The Admiralty Arch apartment is estimated to be priced six times higher, at about $12,000 per square foot. Serrano signed a 250-year lease in 2012, purchasing the property from the government for nearly $80 million. Previous tenants include Sir Winston Churchill and Lord Mountbatten. The developer plans to turn the rest of the historic site into a luxury hotel. “It’s extremely rare for developments that are steeped in history, as well as offering unrivaled interiors and a full concierge service, to come to the market,” Tim Macpherson of Carter Jonas, an estate agency, told the Telegraph. He added that, in addition to the apartment itself and the perks that it comes with, the buyer will also be paying for “the simple cachet of living at this address.” Fortune reported at the end of March that London’s average housing prices had gone up by 13.5% since the previous year. It looks like prices will go down as a result of last month’s Brexit vote, with French bank Societe Generale estimating that they will plummet by as much as 50%.