Battersea developer romps home with $1bn sales

The developers of the Battersea Power Station complex have sold $1bn worth of properties as of Monday, making it one of the fastest-selling London developments ever.

by Michael Northcott
Last Updated: 19 Aug 2013

It might be too early to pop any champagne corks (as none of the properties have actually been built yet), but buyers have exchanged contracts on 824 of the 866 homes planned for construction in the new Circus West development.

The Malaysian-backed Battersea Power Station Development Company says it has been marketing the homes in Singapore, and buyers have come out of the woodwork for almost all of the properties, which range from £350,000 for a studio apartment to £6m for a penthouse.

Let's hope they will be lived in by London residents, even if most of the owners are from the Far East.

To seal the deal, prospective buyers have had to hand over a £3,500 booking fee and 10% of the value of the property in cash to the developer. It’s worth noting that all previous attempts to develop the area have had enormous financial difficulty if they have not gone bankrupt altogether – hence they are taking a lot of money upfront on this one…

And all of this before building work has even begun. Ground breaking is expected in July this year, but the development will not be finished until 2017. 

The power station, which closed in 1983, was bought for £400m from an Irish developer that went into administration, and will feature a shopping complex as well as an extension to the Northern Line on London Underground. 

There are only 42 left, so if you’re keen, it’s time to get the chequebook out.

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