Battersea Power Station on the shores of the River Thames in London remained derelict and abandoned for years on end. Since 1975, when the first station, Station A, within the power station closed after forty years followed by B Station in 1983, the power station has seen many changes of owners and different planning applications to turn it into a number of ventures.
Battersea Power Station was named a heritage site in 1980 and awarded Grade II listed building status which limited the type of building and renovation that could be done with it, but also prevented it from being demolished to make way for a new housing site.
Originally there was talk of it being turned into a theme park when a consortium including Alton Towers Ltd purchased the site in the eighties. Over the past thirty years, there has been various work carried out and halted, and other proposals and planning applications for the site. It seemed nobody knew what to do with it, how much it would all cost and the work that was started halted due to various funding delays and crisis.
However in January 2013, the first phase of its rise from the ashes has proved very successful, and above all, desirable, as over 6 million worth of studios, town houses, apartments and penthouse suites have been sold in its first four days on the market. Some of the properties look over the River Thames. As the building recedes from the River Thames, the overall building towers will increase to a maximum of seventeen storeys, all with different views across London. It is expected that this mammoth development project will take up to fifteen years to complete. All of the properties will benefit from enclosed gardens which will give access to communal grounds throughout the year.
The newly regenerated Battersea Power Station site includes 800 new properties in the first phase. This first block to be built and launched to the market is named Circus West. All of the properties sold are being sold off-plan and the properties will be completed by 2017. The developers gave the first opportunities to buy to London buyers rather than going overseas to garner international interest first. With most of the properties now sold to buyers including wealthy financiers and an ex-employee of the Battersea Power Station, Asian buyers are also expected to show a keen interest to buy on the new development in London.
The first phase of development is just the start. The developers from Malaysia are planning to build a total of 3,400 new homes around the power station with additional plans for a retail complex as well as restaurants, bars, shopping facilities and art galleries. A theatre is also part of the plans as well as gym, health spa and pool. The overall planning will create a completely new district in London and has been cited as one of the most important development projects in the UK.
Not only will this new district have new leisure, retail and entertainment facilities as well as new homes, it will also include a brand new extension to the Northern Line Underground which will see a brand new station built for the site and also extending to nearby Vauxhall.
There will also be units for businesses to lease on the site and it is expected that over 26,000 people will be working at the site.
Sonya writes for www.newhomesforsale.uk.com which is a property portal for new homes in the UK.