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Monday, March 07, 2016

Whither Battersea Power Station - Pigs Might Fly?

Poor old Battersea Power Station never seems to catch a break.

Long since decommissioned as a power station, the site has been left to rot for decades on the promise of hotels, theme parks and apartments being built within its skeleton.

Currently the site is being redeveloped into flats. However, the downturn in Asia Pacific's fortunes has lead to a decline in demand for the unfinished apartments.

LondonlovesBusiness reports that Battersea Power Station’s developers have slashed the prices of the apartments since January, with discounts as high as 38% on some properties.

According to property firm Propcision, since last year 197 properties in the development have been listed for resale by Battersea Power Station Estates.

According to City AM, a four bedroom townhouse on the site was listed in July last year for £6m, but was reduced to £4m in January – a decline of 38%.

Another flat on the site which originally went on sale at £850,000, is now available for £600,000.

A Battersea Power Station spokesperson said:
Some of our purchasers have decided to re sell their properties; as far as we are aware, in the first phase, only 10% have reassigned and they have enjoyed a growth of on average 30%.”
It will be interesting to see what the finished development looks like in the coming years, and the demographics of the occupancy.

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