London’s Battersea Power Station redevelopment will be on sale from tomorrow, with prices ranging from £338,000 for a studio to more than £6 million for a penthouse. The SP Setia’s development of Battersea Power Station will see the sale of first 800 homes in the £5 billion redevelopment, which will include mix of studios, one, two and three bedroom apartments, family townhouses and penthouses.
Studios in the Battersea Power Station redevelopment project start from £338,000, one-bedroom houses from £423,000, two-bedroom houses from £613,000, three-bedroom houses from £894,000 and the eight townhouses from just over £3 million. Nine penthouses which come with an expansive view of River Thames and central London large rooftop terraces start from £6 million, but are subject to individual negotiations.
Interested property buyers will be asked to pay £2,500 as booking fee and pay 10% of the total amount within four weeks. Within a year, another 10% has to be handed over. The homes would be ready for occupancy in 2016. The first-phase homes, in a block called Circus West, are priced at £1,125 per square foot, in line with other luxury developments in central London but higher than most comparable schemes south of the river.
All apartments will be equipped with enclosed winter gardens with access to all year round outside space and there will be a David Linley designed residents’ club and spa. The £500 million restoration work of the debilitating power station building, is expected to begin in summer and be completed in 18 months time. The restoration work will involve removal of the badly corroded chimneys and replacement with “exact replicas” copied from the original architect drawings. The most prestigious homes in the Battersea Power Station redevelopment scheme, which includes large three and four bedroom rooftop apartments on the roof of the power station building, will be sold at big premiums to other properties on the 39-acre site.
The Battersea Power Station site has remained largely unused since its closure. In June 2012, the power station was sold to a consortium led by Malaysia’s SP Setia for £400m, after numerous failed attempts to redevelop the site.