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Around 95pc of Battersea apartments already sold


Battersea power station

Battersea power station

Battersea power station

London's Battersea Power Station site has attracted buyers who have reserved about 95pc of apartments and townhouses worth about £681m since January, according to the developer.

Purchasers have signed sales contracts on 824 of the 866 homes in Circus West, the project's first phase, Battersea Power Station Development Company said.

SP Setia and Sime Darby led a Malaysian consortium which bought the site for £400m in July after developer Johnny Ronan's company Real Estate Opportunities, was put into administration by NAMA and Lloyds.

London's reputation as a haven is attracting increasing investment from overseas buyers, who make up half of the city's new-home purchasers, according to figures from Chicago-based broker Jones Lang LaSalle.

Foreigners, six out of seven of whom plan to rent out the properties they buy in London, spent more than £3bn on new homes in the UK capital last year, 25pc more than in 2011, the broker said.

"We've seen phenomenal interest which has continued unabated over the last few months," Rob Tincknell, the developer's chief executive officer, said in the statement. The pace of sales makes Circus West "one of the fastest selling developments in London in recent years", he said.

Battersea Power Station, featured on the cover of Pink Floyd's 1977 album 'Animals', has frustrated a series of developers since it closed more than 29 years ago. (Reuters)

Irish Independent