For the past 31 years, the Battersea Power Station has lain vacant and in ruin. Since its decommission in 1983 its fate has been the subject of many redevelopment plans which have all failed to get off the ground, in large part because developing the area involves such a large master plan that it appeared to be unfeasible to all who tried. All that is set to change however and this iconic, Art Deco building is being transformed into beautiful, luxury apartments with functional architecture and design at its core. The redevelopment will have a phenomenal effect on the surrounding properties which will benefit from an additional 18,000 new homes and two new underground stations connecting the area to the Northern Line. It is tipped as one of the Capital’s ‘areas to watch’ in terms of rising values and investment potential.
The developers of the Power Station are currently achieving in excess of £1,100 per sq ft for the modern, new homes which was previously unheard of in this part of London. And while these high prices may seem unrealistic for many local buyers we’re finding that as a result, demand for neighbouring homes is soaring. Quality,period homes are proving popular among a range of buyers, but in particular those buying for the first time as well as investors looking for a buy-to-let property. For both, the location of Battersea Park, which is within walking distance of Chelsea is a huge motivating factor, along with the variety of bars, restaurants and amenities available locally. In comparison to the heady prices being asked at the Power Station, buyers of period home equivalents, can usually expect to pay in the region of £850 per square foot. In the last three months, we’ve seen a 17% increase in the number of buyers looking to purchase property in Battersea Park while property prices here have risen by around 10% annually.
For buyers, the benefit of the anticipated amenities that the Power Station will offer are a big draw. The combination of retail space, restaurants, a gym, a theatre and offices will make this area popular not only for residents of the new homes but also for those who live nearby. The increased accessibility via the improvements to cycling and pedestrian facilities will also be a welcome addition to the area.
For the savvy buyer, now is an excellent time to take advantage of all of the fantastic changes taking place in Battersea and secure a great investment.
If you are looking to buy or sell, let or rent in the area, contact our Battersea Park branch today.