£1.5m Battersea power station apartments held back from market
Downturn at top end prompts developers to withhold from sale 150 flats designed by Frank Gehry and Norman Foster
Luxury £1.5m apartments being built in the Battersea power station redevelopment are being held back from the market, as the downturn at the top end of the London property market hits sales.
Prices start at £1.39m for a two-bedroom apartment designed by the architect Frank Gehry on the £8bn site on the south bank of the Thames, while homes from Foster + Partners are marketed for £1.55m and upwards.
The chief executive of the Battersea Power Station Development company (BPSD), Rob Tincknell, told PropertyWeek that 35 apartments were currently up for sale, while another 150 were being held back. “If there is market demand, we will release more units, but the market has softened,” he said.
Tincknell added that his company was offering discounts to buyers but would not follow other London developers in doing heavily discounted bulk sales to institutional investors.
“The market is quite challenging - there are fewer buyers around,” he said. “That doesn’t mean we have stopped - we are still selling apartments, but we’re not chasing the market and we’re not worried.”
BPSD, which is owned by Malaysian investors, said it had sold property worth £110m since November across the whole site.
Properties are being released to buyers in tranches and since the third phase of marketing began in October 2014, 350 of the 539 apartments designed by Foster and Gehry have been sold.
Source: £1.5m Battersea power station apartments held back from market | Business | The Guardian
The only flats totally safe from price crash are in the right parts of Bham
Downturn at top end prompts developers to withhold from sale 150 flats designed by Frank Gehry and Norman Foster
Luxury £1.5m apartments being built in the Battersea power station redevelopment are being held back from the market, as the downturn at the top end of the London property market hits sales.
Prices start at £1.39m for a two-bedroom apartment designed by the architect Frank Gehry on the £8bn site on the south bank of the Thames, while homes from Foster + Partners are marketed for £1.55m and upwards.
The chief executive of the Battersea Power Station Development company (BPSD), Rob Tincknell, told PropertyWeek that 35 apartments were currently up for sale, while another 150 were being held back. “If there is market demand, we will release more units, but the market has softened,” he said.
Tincknell added that his company was offering discounts to buyers but would not follow other London developers in doing heavily discounted bulk sales to institutional investors.
“The market is quite challenging - there are fewer buyers around,” he said. “That doesn’t mean we have stopped - we are still selling apartments, but we’re not chasing the market and we’re not worried.”
BPSD, which is owned by Malaysian investors, said it had sold property worth £110m since November across the whole site.
Properties are being released to buyers in tranches and since the third phase of marketing began in October 2014, 350 of the 539 apartments designed by Foster and Gehry have been sold.
Source: £1.5m Battersea power station apartments held back from market | Business | The Guardian
The only flats totally safe from price crash are in the right parts of Bham
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