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Battersea Power Station development is hit by Covid as pandemic sees prices of luxury flats slashed

The iconic Battersea Power Station development has been hit by the coronavirus pandemic and left some agents forced to slash the prices of the luxury flats currently under construction.

The huge decommissioned coal-fired power plant – located on the bank of the Thames – is currently undergoing a seven-phase redevelopment project estimated to cost around £9 billion and will offer palatial pads, offering incredible river views and tasteful decor.

But at least six of the flats on Right Move, both inside the power station and just outside of it in phase three of the redevelopment, have had their prices cut – with one by £300,000.

Copperstone Ltd CEO Sajid Bashir, whose company is selling flats at the power station, said sales had been affected. 

According to Right Move, six of the 33 properties listed at Battersea Power Station had their prices cut.

This includes a two-bedroom flat being sold by Copperstones which was reduced to £1.3 million earlier this month.  

While house sales across the country dropped by 50 per cent in May amid the coronavirus pandemic, Mr Bashir said that last month sales had picked up and added: ‘We sold more in July than in the whole of 2019.’

Tech giant Apple is opening an office in the building – and the Northern Line is extending to the area next year – making it one of the trendiest spots in London.

Battersea Power Station Development Company also claimed that interest from buyers was still strong, despite the global pandemic.

A spokeswoman said: ‘This can be attributed to several factors including the development’s riverside location, proximity to Battersea Park’s 200 acres of open, green space and excellent transport links.

‘They are set to improve further next year with the opening of a new Zone 1 London Underground Tube Station as part of the Northern Line Extension.     

‘Construction work has been progressing well, with the Power Station’s first residents due to move into their new homes in the iconic building in Spring 2021.’

She explained there are currently 1,200 people living at Circus West Village, the first phase of the project to complete.

The first affordable houses will be completed next year, and the aim is to finish all eight phases towards the end of the 2020s.

She added: ‘Battersea Power Station is a truly mixed-use neighbourhood, which, when complete, will include a new London campus for Apple inside the iconic Power Station, a wide variety of shops, restaurants, bars and cafes, events spaces, new buildings designed by renowned architects Foster + Partners and Gehry Partners and several acres of open, public space.

‘As well as lettings remaining strong, re-sales of homes at Circus West Village have proved to be profitable for home-owners, with many buyers choosing to re-invest in future phases, evidencing the continued demand for living at Battersea Power Station.’

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