Home Property Battersea blitz! £600m flats go in four days at London's fastest selling development

Battersea blitz! £600m flats go in four days at London's fastest selling development

by Asa
14th Jan 13 1:19 pm

Over £600m worth of real estate, ranging from £343,000 for a studio to a £6m penthouse, has been sold at Battersea Power Station in a four-day sales rush.

Three quarters of the initial 800 properties at the Circus West project were snapped up in what is being said to be the fastest selling property development on record in London.

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.”

Ticknell and his team are now in Singapore for a “road show” to sell the final 200 properties, with all 800 set to be sold by the end of January.

Property experts have been astonished at the level of interest in the development. Stephan Miles-Brown, head of residential development at Knight Frank told the London Evening Standard: “If these figures are right they are unprecedented for a London development.”

Jeremy Raj, property partner at London 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.”

The sale is part of the wider 39-acre redevelopment, which will include 3,400 homes, two hotels, alongside a score of offices and shops. The £8bn project is being headed by a consortium of Malaysia’s three biggest development firms SP Setia, Sime Derby and the Employee’s Provident Fund, which paid £400m for the iconic power station after it went into administration.

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