Dozens of people queued this morning to be first to buy a home at Battersea Power Station.
Many of the buyers, who numbered about 50 when the sale began at 10am, said they were investing in the £5 billion development in the hope that the regeneration of the area will raise the value of their property.
Some 800 homes, from £338,000 for a studio to more than £6 million for a penthouse, are going on sale.
Doctor Vallakalil Mathew, 32, of Wilmington, Kent, was first in the queue when he arrived before 7am. He said: “I think overall because it’s riverside the prices are not bad. I’ve got my deposit money ready. But I won’t live in it, this is just an investment.”
Buyers were today asked to put down a £2,500 booking fee and will be required to pay 10 per cent within four weeks. A further 10 per cent has to be handed over in a year and the homes will be ready for occupation by 2016.
Banker Ollie North, 46, of Carshalton Beeches, is hoping to buy a studio or a one-bedroom flat as an investment opportunity.
He said: “With the regeneration of the area along with the Tube and Nine Elms, this is one of the last areas in London yet to be fully developed. I had a bit of money lying around and I was waiting for the right opportunity.”
Student John Chong, 23, from Singapore, was given money by his parents to buy a two-bedroom flat to live in and as an investment. “The main attraction is the location,” he said.
Planning minister Nick Boles today warned town halls to plan for “substantial further house building” over the next five years — or face government intervention.
