Irish development company Green Property is planning to redesign a property at St James's in London, the penthouse apartment of which was expected to sell for more than £100m (€122m) before Green bought the scheme.

The development is part of the portfolio sold to the group by AIB after it seized back properties from Achilleas Kallakis, the Greek businessman charged with fraud for allegedly exaggerating the rents and lease periods. The bank took a write-down of more than £56m after discovering the alleged fraud.

Kallakis claimed he had sold the flat for £100m, which would have been a world record, but the sale was never completed. The property is midway between 10 Downing Street and Buckingham Palace.

The world record for an apartment was eclipsed by the sale this month of a flat in Knightsbridge for £140m. The six-bed Knightsbridge flat is protected by SAS-trained bodyguards and has bullet-proof windows, a panic room and an air purifier to help prevent poison gas attack.

Green Property is close to selling the Grade II-listed office building at 32 St James's Square for £14.5m to an unnamed investor.