The Palace of Westminster, Tower of London, Big Ben and other historic London landmarks are getting some towering, glass-and-steel neighbors along the banks of the River Thames.
Some of Britain’s biggest developers are making big bets on new luxury residential developments whose key selling points are sweeping views of the Thames—and charging a premium for windows onto the famed waterway.
So far, the bets seem to be paying off, Buyers are snapping them up despite multi-million dollar price tags. Much of the demand has been driven by overseas buyers who want the latest amenities as well as a water view.
Research from estate agent Knight Frank suggests homes with direct views of the Thames are priced up to 55% higher than identical properties nearby, while a report by property consultant CBRE found nine of the capital’s 20 fastest-selling new developments last year had a water frontage.
Close to the Houses of Parliament, Riverwalk, by developer Ronson Capital Partners, will include 113 apartments and penthouses and is due to be completed by the end of 2015.
TO THE EAST
One Hyde Park, which was completed in 2009, was the first to breach the capital’s £7,000 per square foot price barrier. Now developers Nick and Christian Candy are hoping to do the same in Billingsgate, an area better known as the site of a fish
TO THE WEST
A good example of the demand for homes alongside the River Thames is Battersea Power Station. This Art-Deco white elephant had been moldering for decades, until a Malaysian-backed consortium last year committed to redeveloping the decommissioned power station.
Is this a sign of improving confidence? Let us know what you think at Acquaint.