The sale of a penthouse apartment at the Walpole Mayfair development on Arlington Street in London has set a new price record for the area.

The 3,100 sq ft apartment, which includes an additional 1,300 sq ft roof terrace, was sold to a British buyer for £4,542 per sq ft, breezing past the £3,800 record previously achieved in the area.

The 25,000 sq ft Grade II listed building has been developed by Oliver Burns. It includes five apartments and is at the centre of London’s prime residential market, next to The Wolseley and opposite the Ritz. It was also the home of Sir Robert Walpole, Britain’s longest-serving prime minister.

Richard Cutt, proprietary partner at Knight Frank, which sold the apartment, said: “Over recent years the Mayfair and St James’ area has suffered from a lack of newly developed homes which has led to pent up demand for turn-key properties.”

In February, the agency’s Prime Central London Index showed values in Mayfair and St James’ increased by 11% over the preceding 12 months.