In the latest sign of the boiling hot London property market, two-bedroom flats in the soon-to-be-converted Battersea power station have gone on sale for more than £1.5m, three-beds for more than £2.7m and four-beds for at least £4m.
The 254 homes mostly fashioned from the derelict switch houses in the converted Grade II-listed 1930s colossus will go in sale in May although prices have already leaked to the national press.
The developers claim they will be approximately 40% larger than the average London new-build, and the Malaysian developers have responded to growing political concern at foreign investors snapping up British homes and leaving them empty by launching the scheme only in London "to attract owner-occupiers based in the UK or who have a commitment to the UK".
The rest of the power station is to be converted into a luxury retail, office and gastronomic experience and apartments on neighbouring land will eventually create 3,400 new homes.
“Without a doubt the redevelopment of the Battersea power station has put the focus back on to the whole property market in Battersea,” saysMedleen Brereton, manager at the Battersea branch of lettings agent Edmund Cude. “Rejuvenation on this level will have a positive effect on the area as a whole, which makes now a good time to invest in Battersea.”