If anyone wanted to see evidence that the London property market is thriving, they only needed to witness the queues of people lining up for a unique opportunity at Battersea Power Station last week.
On 10 January at 10am, the first of some 800 homes to be built within the regenerated complex went up for sale. Prices started at £338,000 for a studio apartment and rose to £6 million for a penthouse property.
The development of Battersea Power Station is finally going ahead after years of uncertainty and many of those looking to snap up one of the new flats hope that the redevelopment of the iconic building will ensure they make a profit.
Several buyers spoke to the Evening Standard about the project, including Doctor Vallakalil Mathew, who was at the front of the queue last Thursday. He told the newspaper: “I think overall because it’s riverside the prices are not bad. I’ve got my deposit money ready. But I won’t live in it, this is just an investment.”
The new apartments at Battersea Power Station are likely to prove exceptionally popular with those looking to purchase a riverside property in an up-and-coming area. Those queuing last week were asked to pay a £2,500 booking fee and will have to stump up a 10 per cent deposit within a month to hold their desired property. In a year’s time, they will be required to pay a further 10 per cent and buyers will be able to move into their new homes in 2016.