Property powerhouses: Foreign investors snap up nearly all 866 luxury apartments in London’s Battersea Power Station development

The development hasn't even been built, but that hasn't stopped foreign investors swooping in to snap up luxury apartments in the new Battersea Power Station development

Foreign investors have bought nearly all the proposed flats at the
Battersea Power Station redevelopment, despite some having a whopping
£6 million price tag.

A large percentage of the luxury
apartments
– which haven’t even been built yet – are believed to have
been bought by Singaporean investors amid ‘phenomenal interest’ in the landmark development.

Sparking back to life: The new development at Battersea Power Station is set to be completed in 2016. Nearly all of the 866 luxury apartments in the complex have been sold  Battersea Power Station Development Company

Called Circus West, the new development comprises 866 luxury apartments, 824 of which have already been sold.

The
Malaysian-backed
Battersea Power Station Development Company bought the old power
station in 2012 and has since enlisted the help of Uruguayan architect
Rafael Vinoly
to transform the derelict site into an ultra luxurious complex.

With
flats ranging from £350,000 for a
studio to £6 million for a penthouse suite, the development has
attracted the interest of rich foreign investors and has become one of
the fastest-selling developments in London’s history.

Investors buying the properties have already put down a 10% deposit and £3,500 fee.

When the lucky owners finally get settled in 2016, they’ll be able to
enjoy a gym, a selection of shops, a spa and even an exclusive members
club. The rich list: Foreign investors have snapped up nearly all the luxury flats before construction has even started  Battersea Power Station Development Company

It is thought that while some of the apartments have been
bought by Singaporean investors, other flats in the complex have been
snapped up by Iranians, Russians and a handful of investors from the United Arab Emirates.

Estate agent Knight Frank recently conducted research
showing that the majority of homes in London are now being bought by foreign
investors.

The research revealed that
in South Kensington, more than three-quarters of buyers from 2010 to
2013 were foreign.

In Knightsbridge, Belgravia, Mayfair and Hyde Park more than half the
buyers in the past three years were not British.

Knight Frank’s research also shows that the trend is spreading out into other areas of London.

The
fashionable Notting Hill area attracts wealthy buyers from Itay, France
and the US, who spend an average of £4 million on a new home. Most homes in London's fashionable Notting Hill are bought by foreign investors  Polly Wreford

Over in Hampstead and St John’s Wood, where the average
price of a property is between £3 million and £4 million, the majority of buyers are from Russia, the United Arab Emirates, Iran, Turkey and France.

Even in
surburban Wimbledon property prices are averaging the £2 million mark
with top buyers coming from Iran, India and Italy.

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