Global search for Battersea retail space

  • Business
  • Saturday, 01 Nov 2014

LONDON: In what must be the most promoted Malaysia/UK property marketing campaign ever, the latest phase of the Battersea Power Station was launched, and with it, the search for tenants for its 3.5 million sq ft of commercial retail space.

The global event kicked off with a simultaneous live screening of the London official launch in Kuala Lumpur, Singapore and Hong Kong.

Phase 3a, comprising 539 apartment units, were simultaneously launched in Paris, New York, Shanghai, Singapore, Hong Kong and Kuala Lumpur. Expectations ran high that sales for the apartment units will be robust.

It was anticipated internally that 60% of available residential space would be sold in the first weeks following strong sales from pre-registered and existing buyers in London. Units have been sold prior to the launch and Battersea Project Holding Co Ltd chairman Tan Sri Liew Kee Sin said pre-sales was encouraging.

As for the 3.5 million sq ft of commercial retail space worth £3bil, Battersea Project Holding Co Ltd, the holding company for shareholders of the project – S P Setia Bhd, Sime Darby Bhd and the Employees Provident Fund – will be keeping it for lease.

“Today’s simultaneous global launch is to find the most creative businesses, fashion, retail, food brands and restaurants to bring alive each phase of the development at Battersea Power Station. It is a momentous milestone in our journey to create a new flourishing community in central London,” said Liew in a statement yesterday.

“By bringing the very best of UK and international businesses to the site, we will create one of the most wonderful places to live, work and visit in the capital. Home buyers interested in the exceptionally well appointed Gehry Partners and Foster + Partners homes are encouraged to visit our exhibitions over the coming weeks, as this is our last residential launch for at least two years.”

Among the famed who bought was musician Sting from the Police. It was reported that Sting paid £8mil for a unit here.

Battersea Power Station Development Co chief executive officer Rob Tincknell said there were a few other big name personalities who bought but they preferred to stay anonymous.

“But Battersea Power Station is not only for film stars and superstars. It is for families too,” Liew told the media. “We want to create a family environment where all the elements will be here.”

The next Battersea Power Station residential sales launch is expected to be in 2016, when phase 3b is launched. Phase 3a and 3b will have a total 1,305 units. Phase 1, comprising more than 800 units, will be ready in June 2016.

Sales in Dubai opens today. The sales tour moves to Tokyo, Los Angeles, Beijing, Doha and Milan next week.

On sale are homes in phase 3a designed by famous architects Gehry Partners (Prospect Place) and Foster + Partners (Battersea Roof Gardens).

Says Tincknell: “Launching the global commercial and residential tour today, 31 years to the day the Power Station ceased to produce electricity is hugely rewarding. I am excited to see how we will build on the Power Station’s brand by housing leading global retail and business brands to create a truly world-class community to live and work in and an electrifying destination to visit.”

He says the homes designed by the two world renowned architects are set to become “new landmark buildings” for London.

Prices begin from £495,000 for the studio apartments, £590,000 for the 1-bedders, £1.2mil for the 2-bedroom units, £1.9mil for the 3-bedders, and £3.2mil for the 4-bedroom units. Penthouses prices are on application.

The entire 42-acre project is scheduled to be completed in 2025. It will be home to 25,000 people living and working on site.

With 40 million visits anticipated each year, Battersea Power Station will be one of the largest retail, leisure and cultural complexes in central London, with businesses on site forecast to contribute almost £1bil a year to the UK economy in the first 20 years of operation.

Battersea Power Station is being prepped to become the new town centre and the anchor for the new Nine Elms neighbourhood (comprising 26 different developments) along the South Bank of London.

Nine Elms will see over 18,000 new homes serviced by an extension to the Northern Line with two new London Underground stations – one of which will be located in the Phase 3 development of Battersea Power Station.

An estimated 25,000 new jobs will be created in an area that is similar in size to the West End of London.

Urban Wellbeing, Housing and Local Government Minister Datuk Rahman Dahlan and a group of Malaysian leaders and diplomatic staff were at the official launch of the global exhibitions at Battersea Power Station yesterday.

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