Property price records look likely to be broken when two exclusive luxury penthouses go on sale.

With views of the Royal Pavilion and Regency Gardens, the apartments in Princes House, North Street, Brighton, are expected to be the most expensive of their kind sold in the city.

On March 7 the wealthy will be able to stake their claim for the two-bedroom properties, with bidding starting at £700,000.

Richard Blencowe, chairman of developers Baron Homes, said: "The prices reflect something that is very good value.

"Brighton is a booming city. A building of this type will be very exclusive.

"It is a listed building of great importance and the views from the penthouses are amazing.

"The prices have been set on a comparison with London as there are no other properties of this type in Brighton.

"We know the prices are going to set records. The demand for this type of places is so high we have no doubt they will sell.

"In fact, some people have said to us they are too cheap."

Formerly the Norwich Union Building, Prince's House was built in the 1930s and is now a Grade I listed building.

It will house 32 apartments as well as the two penthouses.

Allocation for 18 cars has been secured in the nearby NCP car park and there will be facilities for bike users.

Mr Blencowe said the idea behind the multi-million pound project was to restore the building to its former glory.

He said: "The type of people who will buy the apartments will probably be a mix of young professionals or retired people who will only be there for part of the year.

"We have been approached by a number of high-profile people interested in the penthouses.

"If people want to live in the centre of Brighton, in a good position, this is one of the only opportunities they are going to get."

Prices of two-bedroom penthouses in other city- centre developments have included £375,000 for the Argus Lofts Development in Church Street and £495,000 for The Van Alen Building in Marine Parade.

The Princes House apartments are due to be completed in June but interested buyers are able to register interest from March 7.