After three years of “uncertainty” in the Battersea property market, there are now signs that more people are considering taking the plunge. Buyer registrations in the area are up by a fifth from this time last year, according to local estate agents Knight Frank.
There was a definite “Brexit effect” after the referendum, says partner Matt Smith. But he added: “For the last few months people have forgotten about it. They’re fed up of it and they’re moving on.”
Buyer registrations are “up 20% year on year”, he said. “People can’t put their lives on hold any longer.”
With the largest regeneration project in Europe underway and partially complete at Nine Elms, Battersea is being dubbed “New London”. Some 4,000 new homes, more than 250 shops and restaurants, as well as public living space, gyms and parks, are being created on what was a brownfield site around the landmark Battersea Power Station.
When the Northern Line extension is completed to two new stations at Nine Elms and Battersea Power Station in 2021, interest is expected to grow further.
The Battersea Power Station Development Company report that the “vast majority” of properties which have been put on the market have been sold, with 1,000 residents now living in the completed Circus West Village development. Celebrity home buyers include TV adventurer Bear Grylls and musician Sting with his wife Trudie Styler, a film producer.
Apple are set to move their European headquarters to the Power Station site, now being developed, in 2021.
Meanwhile DAMAC International, the company behind the so-called “Versace Tower” going up at Nine Elms, reported that it had successfully achieved “private residential pre-sales of c. 55% in what have been challenging market conditions”.
Only last month the company announced it had secured a financing package of £175 million for the tower project, set to be completed by the end of next year.
Chairman Hussain Sajwani said the tower “continues to garner strong interest from customers seeking premium branded real estate in one of the most desirable addresses in the world”.
The tower, Britain’s first branded high rise, will have 50 storeys containing 350 high-end apartments, with a range of luxury facilities, boasting panoramic views across the capital, and interiors by Italian fashion house Versace.