A vast luxury property in London's Admiralty Arch, overlooking Buckingham Palace, could sell for up to £150 million ($197 million), the Evening Standard newspaper reported on Tuesday.

If sold as one residence, the property could fetch up to £150 million, both the Telegraph newspaper and the Evening Standard said, citing unnamed estate agents. This assumes the property would fetch £8,000-£9,000 per square foot and the buyer would pay stamp duty (a U.K. property purchase tax) of over £16 million.

If sold for £150 million, the apartment would set a new London and U.K. record, trumping the reported £140 million sale of One Hyde Park in 2014.

The team behind the Admiralty Arch issued no price estimate, but confirmed to CNBC the four apartments were on sale and could have residents within three years. Each apartment has between two and six bedrooms and spans between 1,700 and 7,100 square feet.