London’s 3 Most Expensive Residential Developments Not Yet Built
The price gap between property in London and the rest of the country has reached its widest point in history. An average home in the capital now costs more than two and a half times the price of a home elsewhere.
The record divide suggests a typical London property now costs £463,872 compared with £180,252 across England and Wales. Such a gap is only set to grow wider with a number of luxurious residential developments across the capital, 3 of which are considered London’s most expensive ever.
Mobile phones billionaire John Caudwell has unveiled grandiose plans for Britain’s first £2 billion apartment block right in the heart of Mayfair. Caudwell purchased the South Audley Street Car Park in 2012 for a reported £115 million. The luxury residential complex is set to fetch as much as £2billion in total when it goes on to the market,
The development plans are to create 4 levels of basement and 9 stories above ground. The plan is to knock it down and construct a high-end residential complex comprising of 5 Town Houses, 3 penthouses and 21 luxury interior design apartments, all with their own gym and swimming pool. Residents will benefit from a communal 15 meter swimming pool, a business centre, a gym, a spa, games room and cinema.
Construction of hundreds of homes has finally got under way today after over 8 years after it was sold for close to £1 billion making it the UK’s most expensive residential development. When the scheme is finished, there will be 448 new apartments benefitting from the very best London interior design with some prices expected to fetch up to £50 million. The total site is a staggering 13 acres which was purchased by the Qatari Diar’s development company in 2007 for £959 million from the Ministry of Defence.
The new site master plan will see around 448 homes in blocks up to 8 storeys high with 5 acres of public space. Not only luxury apartments are planned, the current plans involve 123 affordable homes, 27% of the total scheme.
The 42-acre site located on the south bank of the River Thames, which is costing £8 billion to build, will house 3,992 apartments, 3 hotels and a riverside park.
The Power Station was bought by Malaysian investors with planning permission granted in 2010. It is expected to be completed by 2025. The Malaysian consortium that is turning the 42 acre site into a huge complex of apartments, shops and offices in an £8 billion project has sold thousands of apartments already. Only 560 (16%) of the planned total of 3,444 new homes will be affordable housing.
The power station which has been closed to the public for 30 years is expected to be opened in 2019. The redevelopment of Battersea Power Station will create 15,000 new jobs and a privately-funded extension of the London Underground at Nine Elms and Battersea Power Station
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