Battersea Power Station continues to attract high-end professionals, resulting in healthy buy-to-let rentals, rising rents and low void periods.
This is according to local agent Benham and Reeves Lettings, who revealed that the riverside development’s new renters typically work in the finance, tech, government, legal and engineering sectors.
“With the Northern Line Tube extension well under way here, working professionals are attracted to the advantages of fast transport links, riverside setting and top-class amenities already offered here,” Marc von Grundherr, director of lettings at Benham and Reeves Lettings, said.
One-bedroom apartments, in particular, are in such high demand that they are often snapped up by the time of the third viewing. What’s more, rents are up from the beginning of this year, with a one-bedroom flat that was let for £470 per week last January now fetching £550 per week.
This trend appears to hold steady in the case of larger apartments, also.
Grundherr continued: “A good number of people who are looking at two-bedroom apartments already live in the development. They have bought into the idea of Battersea Power Station as a well-designed community hub that has a bright future and is a viable alternative to Chelsea or Fulham. They want to be part of that future and are prepared to put down costs.”
Additionally, projected trends for 2019 see the two and three-bedroom market levelling off at £675-900 per week and £1,200 per week respectively, but rentals of one-bedroom apartments are set to continue to rise with a high of £600 per week predicted.
Grunderr concluded: “Changing people’s minds about living south of the river means that a development must be doing something right and with its blend of smart restaurants, artisan shops and dog-friendly professionals and techpreneurs who want to part of this iconic building’s success.”