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

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  • 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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