Battersea ‘fastest selling property development on record’
The total provision of 600 units at the proposed Battersea Power Station Development have been pre-let within just four days, in what is thought to be the fastest sale for a project on record.
In total, over £600m worth of property has been sold since last Thursday, with prices for individual flats ranging from £343,000 for studio flats, up to £6m for a penthouse suite.
With just two tube stops from Mayfair and one from Vauxhall, and with a Northern Line extension earmarked for 2019, the Battersea Power Station Development will provide ample residential provision for the multitude of city office workers based in the immediate locality.
Rob Tincknell, chief executive of Battersea Power Station Development Company, said: “It’s been like the start of the Harrods sale. It really has been phenomenal. We had people queuing from 6.30am on Thursday and the London allocation sold out in days.”
The volume of interest caused the project’s sale centre to close early on Saturday, as 600 buyers shelled out £2,500 worth of booking fees, with a further 10% of the purchase price due to be settled within the next four weeks.
Prospective occupants include everything from City bankers, drawn by the prestigious address and ease of commute, as well as tenants from the affluent South London districts of nearby Clapham and Battersea Rise, and even an ex-power station worker.
As predicted, the luxurious penthouse suites with views over the Thames drew the largest crowds, with representatives of wealthy investors on hand from the get-go to land a much-anticipated multi-million pound investment.
200 units have been held in reserve for sale on the foreign market, with representatives of the Battersea Power Station Development Company – including Mr Tincknell – now in Singapore to start negotiations with overseas investors, which are expected to take no longer than three weeks.
Caught off-guard by the velocity of the sales, property experts have been quick to express their surprise, stating that such a rate of sale has never been seen before in the UK or abroad.
Stephan Miles-Brown, head of residential development at Knight Frank, said: “If these figures are right they are unprecedented for a London development.”
Jeremy Raj, property partner at law firm Wedlake Bell, said: “There is huge interest in these developments from Singapore, Hong Kong and China especially.
“I have already had enquiries from the representatives of wealthy individuals or families who are looking at the £3m plus opportunities.
“I know from Indian and Chinese contacts, for example, that the studio and one-bedroom options are appealing to wealthy parents looking to buy a flat as a home for a child studying in London.”
Completion of the first series of residential units is scheduled for some time in late 2016 to early 2017, with tenants expected to begin moving in soon after. Restoration of the power station itself is expected to start in the summer.
The landmark power station was decommissioned in 1983, and previous redevelopment propositions have famously been hindered by a spectrum of issues.
It is thought that the promise to preserve the Grade II listed power station in its original state - as well as the provision of domestic units - has enabled this version to succeed, with Wandsworth council eager to back the London-wide initiative for the construction of both multi-use and residential property.
The property’s pop-culture status was cemented by its inclusion on such iconic projects as Pink Floyd's ‘Animals’ album cover, where a pig was famously flown from the roof, as well as The Beatles’ 1965 movie ‘Help!’ and Take That’s video for ‘The Flood’.