KUALA LUMPUR: The Battersea Power Station is expected to gain momentum in its transformation as one of the most vibrant property projects in the world, with the next phases ready to be rolled out soon.
Battersea Power Station Development Company (BPSDC), the company managing the project, is confident that Phases 2 and 3 will be completed within the next two years with interest in the project rapidly growing.
BPSDC international sales director Philip Mason said the 17ha mixed development project in Nine Elms, London, continues to attract the public’s imagination.
The Battersea Power Station is a cultural landmark with its iconic four-chimney structure that was completed in 1955 and was fully decommissioned in 1983.
It famously appeared on the cover of Pink Floyd’s 1977 album Animals.
Mason said Phase 1, which is Circus West Village, received an encouraging response after it opened in 2017, with the site now housing some 1,000 residents and attracting about 40,000 visitors for events such as the London Seafood Festival.
He said according to data from 2018 fourth quarter, Phase 1 homeowners saw an average 3.4% rental growth in Battersea compared with a 1.9% growth rate on average in other London’s prime areas.
The project, owned by SP Setia, Sime Darby Property and the Employees Provident Fund, will also be connected to London’s Underground tube when a new station on the Northern line is open in 2021.
Mason pointed out the many exciting developments for Phases 2 and 3, such as event venues, co-working spaces, and a lift built into the power station’s chimney which will go all the way up to a viewing platform 109m high. Phase 2, he said, would be mainly focused on the power station building while Phase 3 would see the construction of the first retail High Street in London in over 25 years, named the Electric Boulevard.
Despite concerns over Brexit, Mason noted there had not been many effects on the site’s development as the company had seen sales worth a total of £120mil (RM642mil) in the past 12 months.
He said the property would also be in demand as the UK education remains highly sought-after and as London houses some of the world’s top universities.
BPSDC chief executive Simon Murphy said the progress at the site was on track, despite earlier reports that the project had hit a snag when Phases 2 and 3 had to postpone their completion date.
The earlier delays and cost overruns, he said, were due to increased scope of work done on-site, which would in turn further drive up the value of the property.
“While the costs of the project have gone up from the original plan, the value has also gone up, ” he said when met after an investment briefing.
Half of the buyers were from the UK, he said, while the other half were from overseas, reflecting a universal attraction towards the project as people want to live, work and play there.
“There will be many reasons for people to come to Battersea and we will be ready for them, ” he said.