SPACE — and lots of it — is fast becoming the luxury must-have in the Central London property market. The latest confirmation that size matters comes in the news that eight new townhouses in Kensington have sold for prices of up to £12 million — although they are not yet finished.

Each of these terraced homes will have every conceivable convenience, including a 15-metre (45ft) swimming pool in the basement. But the biggest attraction of Phillimore Square, London W8, is space: the houses range from 6,900 to 9,000sq ft (641 to 836sq m).

The typical Chelsea family house is 1,700 to 3,500sq ft, an area now seen as a constraint on the nesting aspirations of the moneyed. In some circles only 40,000sq ft will suffice.

You could fit 23 of Barratt’s new 380sq ft iPad mini-apartments into the largest of the homes, all of which have five bedrooms, six floors, a garden and a roof terrace. The premium placed on space can also be seen in the price of an underground parking space — an additional £85,000. The communal garden square is free.

Westcity, the developer, says that the homes sold unexpectedly quickly without publicity, despite not being ready for occupancy until mid-summer. This is a further indication of the buoyant state of the City- bonus-driven London property market. What some agents call a “feeding frenzy” among buyers is being exacerbated by a shortage of homes for sale, especially really large ones.

Simon Isdell-Carpenter, the director of sales and marketing at Westcity, says that four of the buyers at Phillimore Square are British. He will not specify the other nationalities, but says: “We spoke to Americans, Europeans, Middle Eastern buyers and Russians.”

Ordinary homeowners who acquire houses based on the number of bedrooms, rather than on square footage, will be curious to know what you get for £8.5 million to £12 million. Anyone picturing a neo-Georgian pastiche would be wrong. The houses are brick-built, reflecting the look of the mansion blocks in the area.

The floors and stairs are French limestone, and there is sufficient wiring for sophisticated sound systems, internet access and infinite television to the owner’s specifications. In each house the main reception room stretches across the whole of the ground floor. The master bedroom, dressing room, en-suite bathroom and terrace occupy the entire first floor.

The complex also includes 35 apartments priced at £1.1 million to £6.25 million. Only eight remain unsold. The complex is on the former site of Sir John Atkins Centre for Scientific Learning, part of King’s College London.

By Anne Ashworth