The Nine Elms area of Battersea has seen a complete renaissance over the last seven years. It has evolved from a peripheral waste land on the South bank of the River Thames to one of the most exciting regeneration areas in London, if not the UK.
This metamorphosis is largely due to two major contributing factors, the relocation and construction of the American Embassy from Grosvenor Square and crucially the massive construction project at Battersea Power Station.
The power station lay dormant for over thirty years since it was decommissioned in 1983. However, a Malaysian consortium finally received final planning for the audacious project in 2010 that will cost in excess of £9Bn. This includes a £211m contribution to extend the Northern Line and the creation of two new underground stations and is not due to complete until 2025. The new urban village will be home to approximately 25,000 people and create 4,353 new homes as well as a plethora of bars, restaurants and other places of entertainment. To date, over 85% of launched apartments have been sold and although transaction numbers have slowed slightly along with the rest of central London, because of its extended construction timetable, it is expected to continue through the current cooling period relatively unscathed.
The huge 43 acre site has spread eastwards and joined up through Nine Elms to Vauxhall creating a massively exciting 500 acres construction site offering new homes, businesses, recreational activities and venues and open green spaces beside the Thames. As London cools down from its latest spike of frenetic growth of the last ten years, now is the prudent time to be considering purchasing in this truly iconic development before prices start to rise once again.
If you already own a property in Battersea Power Station, there is a high chance that you would like to let it out. As the sales market is slightly depressed and with available property out of reach for most buyers, the lettings market is burgeoning. However, in the Battersea Power Station and Nine Elms markets it is critical to make your apartment stand out from the crowd. The best and most practical way of dealing with this is by furnishing the apartment to a standard in keeping with the development.