As building space in London becomes more limited, a huge number of unused or derelict properties are being rejuvenated and transformed to create new homes. At the top end of the market the new development of Centre Point is set to add 82 new apartments when it is finished in 2017.
The homes will range from one to five bedrooms with prices expected to be on the market for an average of £3.2 million. The building will also contain leisure facilities like a spa, pool and gym as well as retail space and a new public square.
Centre Point has a lot of history, but has struggled with financial problems ever since it was built in 1966. It was originally intended for offices but stood empty for several years due to struggles to find tenants. Over time it has changed hands many times and the property was even claimed by squatters during a housing crisis. The new plans mean they will finally get their wish and see it developed into apartments.
The new apartments could be snapped up very quickly because of the great location, fantastic views and the prestige of the address. Although the property failed to be a success as offices it still remains one of the most eye-catching in London. The nearby Tottenham Court Road station will also benefit from the new Crossrail developments so travel will be much easier for residents.
The development of Centre Point will see the property improved in terms of sustainability and give a landmark that has graced the London skyline for almost 50 years the use it deserves at long last. The project could see the building finally shed its tag as an example of the failings of the property sector and become one of the shining lights of the city.
The apartments are expected to attract a great deal of interest from overseas buyers as well as British investors, but it is difficult to predict how conditions will be in two years when the property is finished. It will be exciting to find out how many investors snap up the opportunity to buy a new piece of prime real estate in London. If you are interested in making a property purchase in the capital, or if you need help with council leasing in Southwark or any other area of London, we can provide the guidance and practical help you need.