Battersea Power Station flats go on sale

13 January 2013

Luxury apartments costing up to £6m in the revamped Battersea Power Station in London will go on sale Thursday.

The 800 properties range from £338,000 for a studio apartment to more than £6m for one of the nine river-facing penthouse flats and form part of the first phase of the grade-II* listed building’s conversion, which is also set to include offices, shops, a gym, spa and theatre.

Attractions – apart from residency in the iconic Art Deco building in south west London – include an indoor ‘Winter Garden’, a private cinema, bar and library.

Preparatory work on the site began in 2012 after a consortium of Malaysian giants- SP Setia (Kuala Lumpur: 8664.KL – news) , Sime Darby (Kuala Lumpur: 4197.KL – news) and the Employee’s Provident Fund – paid £400m to buy the power station, and the first properties are expected to be completed by 2016.

The construction process will involve the power station’s four iconic chimneys being knocked down and rebuilt one-by-one due to concerns corrosion could cause them to collapse- a process set to take nine months for each.

The properties are expected to attract overseas buyers with sales exhibitions planned around the world in coming weeks, in an effort to meet an ambitious target of selling all 800 properties before construction begins in September.

Battersea Power Station was built in the 1930s but has lain dormant since 1983 after a series of failed attempts to redevelop it.

Rob Tincknell, chief executive of Battersea Power Station Development Company, said: “We are incredibly excited to be welcoming the UK public to the site of one of Britain’s most iconic landmarks.

“Over the past few months, we have seen enormous interest in this unique development from potential purchasers, and we are delighted to be presenting them with an opportunity to be a part of what is sure to become a vibrant new town centre in the heart of London.”