The news that giant tech company, Apple, has taken 500,000 square feet of office space in the converted Battersea power station development has led to significant optimism for the local property market. The news has delivered a boost for the Battersea development and the wider Nine Elms area which had previously been identified as one of London’s locations experiencing decelerating house prices. In certain circles it was even suggested that Battersea could become an area symbolic of a potential housing market collapse.
So will this new announcement cause a change in momentum for the local housing market? With more than 1,400 Apple employees set to move to the power station development in 2021, the CEO of the Battersea Power Station Development Company, Rob Tincknell, believes that the news has bolstered the view of local home buyers. During the days following the announcement ten apartments within the development were immediately sold and currently 60% of the 539 apartments have already been snapped up.
As well as local residential interest there has also been a shift in international investment. International purchasers who were previously exclusively focused on buying prime central London properties are now expanding their search to areas of Greater London where their money goes further and areas such as Battersea could undoubtedly benefit from this.
The plans for the power station development also include a ground-floor retail and restaurant mall which will centre around two turbine halls and a hotel including a rooftop swimming pool.
All in all this development is great news for Battersea and is set to generate jobs, encourage visitors and re-ignite interest in the area.