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- Multi-million-pound apartments in Battersea Power Station and Nine Elms are being quietly reduced in price
- Rightmove listings have revealed that others have been listed on the market for years without being flogged
Multi-million-pound apartments in Battersea Power Station and Nine Elms are being quietly reduced in price after up to two years on the market.
Rightmove listings revealed others have been listed on the market for years without being sold, such as in Nine Elms, which has been dubbed ‘Dubai on Thames’.
One four-bed apartment at the St George Wharf development has been on the market at a price of £15million since December 2019.
Another, in the nearby Damac Tower, has been for sale for £12.3million since 2021. Both properties have lavish interiors and panoramic views across London.
When former London Mayor Boris Johnson launched what was named the Vauxhall Nine Elms Battersea ‘opportunity area’, he described it as ‘the final piece in the jigsaw’ of central London.
What was once a drab area of warehouses and depots next to the River Thames in 2012 has been transformed a decade on into towers of luxury flats.
Neighbouring Nine Elms was nicknamed Dubai on Thames as it was predicted that the world’s wealthiest would flock to the area in a steady stream of foreign investment.
The exclusive buildings, complete with their garish exteriors and plush fixtures and fittings, now stand where the elm trees that gave the area its name once stood.
Overall, 5,000 homes have been completed in the past five years and a further 15,000 are said to be in the pipeline.
However, scores of the properties lie empty.
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By: Miss Cherry May Timbol – Independent Reporter
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