Since Hammersmith & Fulham council agreed Stanhope PLC’s proposal plan for the former BBC Television Centre, according to Property Week, they have now announced that they will follow Battersea Power Stations plans to only be marketed in the UK. The Battersea Power Station Development Company recently decided to sell the flats in a London-only launch.
This will be great for boosting Hammersmith & Fulham’s newly appointed Labour council who are in favour of banning developers from advertising to foreign buyers first, unlike London mayor Boris Johnson who previously encouraged developers to market to British and overseas buyers simultaneously. This will no doubt put Labour in great stead ahead of next years’ general election.
On the 14-acre site Stanhope have proposed 1,000 residential units including affordable homes and amenities and are marketing it as “A centre for creativity and a special place to visit, work and live.” This is all part of Stanhope’s commitment to increase their residential output and are expected to submit a revised plan in the coming days. However although this is great news for the UK market, Jonathon Trout, Property Director of Stanhope, warns that although they think the UK market is currently very strong, the governments increasing input could put off global investors.
Due to the nature of Stanhope’s funding structure, the developer is not under pressure to conclude pre-sales of the flats and according to The Guardian, is expected to be worth £1bn once completed. The development itself is forecast to cost £500m although Trout states that the values are yet to be decided.
This all follows the Mayor of London’s regeneration plan for the White City area.
Source: Property Week