Cork Street might not be the edgy contemporary art hub it once was, but it remains a landmark on the London art map. Perhaps not for much longer. The Guardian has revealed that British insurance firm Standard Life Investment has agreed to a £90m deal to transform their property on the street into luxury apartments. Seven of Cork Street's 22 art galleries, including the Mayor Gallery, Adam Gallery, and Beaux Art will have to move out early next year.

"It will be hell," Mayor Gallery's James Mayor told David Batty.

"It could be the death of the whole street. It's all about short-term gain, who will these flats be for? They won't be for residents or nationals. Haven't we got enough hideous apartment buildings being built? We're losing all individuality as a city."

First opened in 1925, the Mayor Gallery is on the stretch of Cork Street which is due to be a bought by a partnership between developer Native Land, Singapore company Hotel Properties Limited (HPL) and Malaysian investment firm Amcorp. The deal for the 7,700 sq meter site is to be completed on November 30, and the entire building could be demolished.

Native Land has publically acknowledged Cork Street's historical and cultural significance, and "envisage[s] gallery space being provided in any new redevelopment proposals." But local dealers are worried that this might mean high-end retail spaces with exorbitant rents. "We can't afford to compete with Prada," said Beaux Arts director Louis Singh.

"It would be disastrous if galleries were forced to leave," said director general of the Society of London Art Dealers Christopher Battiscombe. The Society has approached Westminster Council to suggest a protected area for art galleries in the neighborhood, but it might well be too late. A scheme of this kind could involve up to two years of public consultation. Meanwhile, the deal appears set to go ahead.