London’s Battersea Power Station bags $1bn in property sales

Battersea Power Station has secured a whopping $1bn (£680m) worth of sales since January, developers said today.

The first tranche of the flats in the iconic riverside building has almost been completely sold out, with 824 out of the 866 properties now transacted.

Flats in Battersea Power Station are believed to have all sold for at least asking price, which started at £338,000 for a studio, or £6m for a penthouse. Much like other luxury developments across London, the vast majority of investors have been overseas buyers.

“We’ve seen phenomenal interest which has continued unabated over the last few months,” said Rob Tincknell, the developer’s chief executive officer.

The pace of sales makes Circus West “one of the fastest-selling developments in London in recent years.”

Developers have now announced that work will begin this July, with the site ready for occupancy in 2017, when it will boast impressive amenities like a gym, health spa, theatre and business facilities.

A total of 3,400 homes are earmarked for the site over next 15 years, with developers hoping the £8bn regeneration project will help create some 25,000 jobs.

A consortium of Malaysian companies managed to scoop up the site for £400m in July last year, after the previous Irish owners went into administration.

The impressive property sale rate is bound to boost interest in other projects scattered along the Battersea and Nine Elms area, with that whole side of the river signalled out for a significant revamp over the coming decade.

The rival Embassy Gardens development has already virtually sold out, despite the high asking prices, set at around £2m for a three-bedroom apartment. In contrast to Battersea Power Station, however, developers Ballymore say that 60% of buyers have been British.