Despite ongoing speculation around Brexit, London has retained its status as a leading property investment destination. Most international investors look at real estate in London as a second home, an investment or an asset that will serve their children as they pursue professional and educational opportunities. The £9-billion (Dh41.86 billion) Battersea Power Station development is the largest regeneration project under way in Europe. It is set within 42 acres along the River Thames.
Andrew Jones, international sales director at Battersea Power Station, tells Property Weekly why this iconic real estate development has become a magnet for Middle East investors:
You’ve sold £125 million worth of residential property last year at Battersea Power Station. What is appealing to investors?
Sales in the last 12 months have been in excess of £120 million. The blended average uplift from launch to the present day is 36 per cent, with some recent sales seeing a 40 per cent uplift.
Investors from the region have traditionally preferred property in the “golden triangle” around Mayfair, Belgravia and Knightsbridge, and the neighbouring areas of Kensington and Chelsea. However, we have already seen significant interest from Middle East investors. They recognise that Battersea Power Station is an area of growth, with this development being a catalyst kick-starting wider investment in local infrastructure such as the new tube station and Thames Clippers river bus service, creating a compelling investment case.
What does the project offer to residents?
Battersea Power Station is set to become one of the most exciting neighbourhoods and a new shopping and leisure destination for Central London. It will be connected by a new Zone 1 London Underground station on the Northern Line and the Thames Clippers River Bus, which is already operating services from Battersea Power Station, providing quick access to the West End, City of London and Canary Wharf.
The first phase, Circus West Village, is already open with more than 1,000 residents living here. As well as 4,239 homes, we’re building three million square feet of commercial space, 250 shops and restaurants, leisure space, cinemas and even a chimney life, all set within 18 acres of public realm.
How is the project shaping up?
The second phase of the development, the iconic Grade II-listed Power Station, will be opening to the public in 2021. Phase three, designed by Foster and Partners and Frank Gehry, is expected to complete by the middle of 2021, which will house a new high street called Electric Boulevard and a 167-room hotel. We are on the countdown to completion for the Power Station with 2,500 people working on the site and an average daily spend of £2 million.
What are the price ranges? Any payment plans?
A limited number of remaining units are available, with prices starting from just over £500,000. There is an attractive payment plan in place, which allows purchasers to stagger their payments, with an initial deposit of 10 per cent required on exchange.