Battersea Power Station flats: would you pay £6m?

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Battersea Power Station

The first flats in London's iconic Battersea Power Station have gone on sale - three years before any of them will be actually be built. With much fanfare, the developers invited buyers to register their interest in buying a slice of London's history.

So what will it cost you? And is it worth it?


The flats

The developers, SP Setia and Sime Darby, bought the property in the autumn of last year, and have finally revealed their plans for the site. The futuristic development will have the landmark at the centre, flanked by a serious of eight major developments (of up to 17 storeys), offering a total of 800 homes.

They announced: "Investors can look forward to the launch of prime London riverside apartments with the much sought-after SW8 postcode. These will be followed by F&B establishments, corporate offices, a shopping centre, hotels and more. "

You'll pay hefty prices for a space in the development. A studio will set you back an astonishing £338,000, a one-bedroom flat will cost £423,000, a two-bedroom place will be £613,000 and a three-bedroom property will be £894,000. The penthouses are likely to start at an eye-watering £6 million each.

Excitement

There have always been those who admired the iconic 1930s building by Sir Giles Gilbert Scott, which adds a significant premium to prices in the area - which are already at astonishing levels.

The attractiveness of the site has led all sorts of groups to consider developments. Most recently a redevelopment by property developers Victor and George Hwan hit difficulties. Before that the plan was to turn the site into an amusement park - which proved too much of a challenge. The problem has typically been the enormity of the site, and the difficulties of providing decent transport links. The Government's decision to extend the Northern Line to Battersea has proved a turning point.

Would you?

There is a great deal of excitement about this development, which is in Nine Elms: commonly considered the last major undeveloped spot in the heart of London. It explains the scale of the project, the government's support, and the shocking prices.

The question is whether anyone is actually going to want to live there. Given the fact that it will be a building site for at least another ten years, it may not be ideal. Plus you will be living in Nine Elms.

There is a common consensus that the New American Embassy will transform the area, but for now you have to contend with poor transport links that have seen Nine Elms referred to as a 'no mans land'.

But what do you think? Would you live there? Would you pay £338,000 for a studio flat? Let us know in the comments.