Location, location, location

From yesterday's Evening Standard:
The maths of this is absolutely staggering. A selling price of £1,000/square foot internal area = £9,000/square yard, minus a generous £2,000/square yard construction cost = £7,000/square yard location value x ten storeys high = £70,000/square yard location value.

Knock off one-third for shared internal areas of the building and assume that the building occupies half the land and half is for car parking or other open spaces gets you to £110 million/acre. For comparison, a very large site in Chelsea was bought/sold for £78 million/acre a few years ago; The Battersea Power Station site, being on the 'wrong side of the river' was sold for a relatively modest £10 million per acre six years ago.

You can do your own workings for the value of a site in the poshest bits of west central London where flats sell for £2,800 per square foot. I reckon that a square yard of that land costs as much as a whole house and garden in cheaper parts of the UK.