Jump to content
House Price Crash Forum
interestrateripoff

Battersea Power Station Project Gains $1Bn Sales

Recommended Posts

http://www.independent.co.uk/news/business/news/battersea-power-station-project-gains-1bn-sales-8624662.html

The developers of Battersea Power Station broke through the $1bn (£660m) sales barrier yesterday amid “phenomenal” interest in new flats and townhouses at the London landmark.

Buyers have snapped up 824 of the 866 homes in Circus West, according to the Malaysian-backed Battersea Power Station Development Company. The homes have been marketed in Singapore. Prices range from £350,000 for a studio to £6m for a penthouse. Buyers have paid a £2,500 booking fee plus 10 per cent of the purchase price to clinch purchases. Building is set to begin in July, finishing in 2017.

And if they don't get built? Better snap them up before they all go....

Share this post


Link to post
Share on other sites

What are the contracts like (not that I'd ever go for anything like that myself)? Say you put a deposit down on a £6 million penthouse, by the time it's built it's worth £3 million, you don't want to complete. What happens next?

Share this post


Link to post
Share on other sites

What are the contracts like (not that I'd ever go for anything like that myself)? Say you put a deposit down on a £6 million penthouse, by the time it's built it's worth £3 million, you don't want to complete. What happens next?

If you have exchanged contracts at the 10% deposit stage as is usual with these off plan sales, then technically they can sue you for the 90% balance. During the 90s crash I do remember builders trying to do this. However, normally the builder will keep the 10% and look for another mug.

Share this post


Link to post
Share on other sites

If they can sell £1 billion worth so easily then why not add a further premium to the prices and use it to pay for the £1 billion planned extension of the Northern line to Battersea. At present the risk on the scheme/borrowing will lie with the London taxpayer - few of whom will live there.

If these Asian investors have so much spare cash why not get them to pay for the tube extension so they can get to Oxford St more easily when they visit.

Share this post


Link to post
Share on other sites

If they can sell £1 billion worth so easily then why not add a further premium to the prices and use it to pay for the £1 billion planned extension of the Northern line to Battersea. At present the risk on the scheme/borrowing will lie with the London taxpayer - few of whom will live there.

If these Asian investors have so much spare cash why not get them to pay for the tube extension so they can get to Oxford St more easily when they visit.

Northern Line extension is a good thing regardless what happen with this project. The benefit of the new Tube stations will be far greater for the surrounding Nine Elms and Battersea rather than this specific complex.

Share this post


Link to post
Share on other sites

If you have exchanged contracts at the 10% deposit stage as is usual with these off plan sales, then technically they can sue you for the 90% balance. During the 90s crash I do remember builders trying to do this. However, normally the builder will keep the 10% and look for another mug.

There have been numerous (hundreds perhaps thousands) specific performance cases in Belfast during the last 5 years where developers sued for the remaining 90% and have been successful. Prices have dropped 60%+ on city centre flats, several thousand were bought off plan from 2005, all the developers sued, I think one purchaser (a property flipping barrister) was successful but this was overturned on appeal.

Share this post


Link to post
Share on other sites

If they can sell £1 billion worth so easily then why not add a further premium to the prices and use it to pay for the £1 billion planned extension of the Northern line to Battersea. At present the risk on the scheme/borrowing will lie with the London taxpayer - few of whom will live there.

If these Asian investors have so much spare cash why not get them to pay for the tube extension so they can get to Oxford St more easily when they visit.

Unfortunately, they will have to go via Kennington. :lol:

5178861995_7e577f0fd4.jpg

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.