In the urban property market, a number of factors determine value. In London every square foot is precious, but value isn’t always so straightforward as simply size and location. It goes without saying that a property in any of the city’s most desirable postcodes will set you back a considerable sum, but increasingly the most sought-after properties are found in the luxury city apartment complexes springing up around the capital.
While hisotricially a London period town house was the thing to aspire to, the amount of town house stock available makes it an impossible dream, even if you have the money. So for investors in a rush and not willing to wait, their ownly option is an apartment.
Riverside residences
Also highly sought-after at the moment—though a little more affordable—are the numerous newly built residential sites in Nine Elms, the riverside regeneration project between Battersea and Vauxhall. Despite the fact that many of the high-end residences planned here are still under construction, public interest in these urban properties and their prime riverside location has pushed up prices exponentially.
In Battersea Power Station—where apartments won’t be completed until 2018—most units have already been sold, with buyers enticed by the chance to own a portion of this iconic 1930s London landmark. Prices vary depending on a property’s location within the complex, but several studio flats have already sold for over £1 million, with three or four-bedroom luxury apartments fetching considerably more. Plans for a major shopping area and restaurant development within the site have also boosted their value, with the intention that Nine Elms will soon become a major business and recreation hub on London’s South Bank.
Also part of the Nine Elms development, the flats at nearby Riverlight offer superb views over the Thames and across the river to the historic boroughs of Chelsea and Westminster. At £800,000 for the limited number of two-bedroom apartments still available, buyers smart enough to get their hands on these properties (designed by architects Rogers Stirk & Partners) will enjoy sleekly designed interiors, with floor to ceiling glazing and terraces designed to maximise natural light and the wonderful riverfront views. Access to a private member’s club with a pool, gym, spa and entertainment suite, as well as communal gardens; provide further attraction for discerning buyers.
High flyers
As a general rule of thumb, the higher you climb in the city, the more you can expect to pay for your urban property. Penthouses are universally prized, and when combined with a good panoramic view, buyers can expect to pay a high price. ‘With a number of luxury penthouses for sale in London, the blend of lifestyle and luxury, convenience and comfort, as well as prestige and privacy is unparalleled,’ says Ennis.
At the high-end London riverside development NEO Bankside, one of three luxury penthouse properties is currently on the market for over £8.7 million, demonstrating just how valuable a penthouse property can be. Situated across the river from St Paul’s Cathedral and adjacent to Tate Modern, various amenities and bright, spacious living areas and outdoor terraces allow inhabitants to make the most of their tenth floor prime location.
It’s not only in the capital that a top floor urban panorama can fetch impressive amounts. A two-bedroom penthouse flat in central Manchester’s Century Building is currently on the market for £1.5 million, with two spacious floors at the top of this restored Grade II listed building offering spectacular river views over the city through wrap around floor to ceiling windows.
If you’re fortunate enough to have the cash to splash, you could obviously do no better than to join the super-rich and invest in the urban property market with your very own luxury city apartment.
