It seems that in the current economic climate, the developers on the new Battersea Power Station are rethinking the initial design after the slump in demand for luxury properties. They are planning to replace the current design for apartments with up to one million square feet of office space. It seems the property market pinch is having a huge impact on the desire for such expensive Battersea property.
The consortium of three Malaysian groups who are developing the site had planned more than 3,800 homes for the site on the 1930s London landmark.It mainly consists of luxury apartments, but since the plans were set out, the Battersea property prices at the high-end have taken a down turn.Scaring of many investors looking for a profit.
Developers have, in turn, reviewed plans for phases of the £9bn scheme, a process that is still under way. One million square feet of extra office floor space would be roughly twice that of the Gherkin tower in the City of London.
“I could easily see us adding another million square feet [of offices],” said Rob Tincknell, chief executive of the Battersea Power Station Development Company. “The great thing about a long-term scheme like this is we can adjust with the markets. If there’s no residential market and a very strong office market then we will build offices.”
Apple is set to open its UK headquarters in 2021 in 500,000 sq ft of space within the Battersea power station building, a former coal-fired plant whose four chimneys make it an instantly recognisable part of the London skyline.
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