Battersea Power Station Phase 2 launched at double the price of Phase 1

The second phase of the iconic Battersea Power Station redevelopment in London is being marketed at more than twice its Phase 1 price, Malaysia’s The Star daily reported, with its Malaysian owners pulling out all the stops for the landmark site in the British capital.

Launched in London yesterday, the 254 units in Phase 2 are priced at an average of £2,300 (S$4,870) per sq ft (psf), compared with £1,100 psf for the 861 units in Phase 1 that were sold out within three weeks of launch last year, the daily reported. Malaysians, Singaporeans and Hong Kongers together accounted for about half of the buyers in the first phase, with the rest made up of Londoners, it added.

The site is owned by a consortium of Malaysian investors comprising developer S P Setia, conglomerate Sime Darby and the Employees’ Provident Fund. One of Britain’s most-loved buildings, the coal-fired power station that used to belch fumes over the capital — it was decommissioned in 1983 — has suddenly become hip.

The owners have hired the renowned British firm Michaelis Boyd Associates in March as interior residential architects for Phase 2. It will team up with heritage architecture specialist Wilkinson Eyre Architects for the project. Work has already begun on the restoration of the power station, which has dominated the London skyline since 1933.

To land the contract, Messrs Alex Michaelis and Tim Boyd travelled to Kuala Lumpur last year to see off competition from American and Australian rivals. The power station, the largest brick building in Europe, is impressive from a distance, but absolutely huge up close.

“You could fit St Paul’s Cathedral into the main boiler house. You could even fit in the Gherkin (a London skyscraper) if you laid it flat,” said Mr Michaelis. “Our vision was for something that didn’t look like a normal high-end development, that was a little bit more raw. The look will be eclectic, but also site-specific.”

Londoners and heritage enthusiasts who have become attached to the structure, in particular its four huge towers, can rest assured that they will not be demolished.

“The towers are going to be taken down brick by brick while the redevelopment work is taking place, but then put back up again,” added Mr Michaelis. “One of them is going to be restored with a glass lift inside.”

The Michaelis Boyd-designed apartments will be within the existing facades of the western and eastern flanks of the building and on top of the central boiler house.

“We are going to be offering two slightly different looks, reflecting the fact that Battersea Power Station was built in two stages, pre- and post-war,” said Mr Boyd.

“People don’t want to live in some bland modern development that could be anywhere in the world. They want to be part of the power station and its history. That means being part of the brickwork,” he added.

The £8 billion project is expected to be completed in 2022.

Studio apartments will start from £800,000
1-bedroom apartments will start from £1,000,000
2-bedroom apartments will start from £1,500,000
3-bedroom apartments will start from £2,700,000
4-bedroom apartments will start from £4,000,000
Penthouse will be POA (priced on application)

Source : Today – 2 May 2014

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