London set for £38 billion of high-end development
A report has found that £38 million worth of residential property has been planned for London this year, architectsjournal.co.uk reports. Asset Consultancy firm EC Harris has predicted that around 15,000 sustainable buildings will be developed in the UK capital – which is a 70 per cent increase on last year.
Big redevelopment projects planned
Chelsea and Fulham are the prominent areas for the developments – with 25 per cent of properties being built there, followed by the South Bank area at 17 per cent and City and Fringe at 12 per cent. The redevelopments of Earls Court and Battersea Power Station are among some of the biggest schemes planned for the city.
Mark Farmer, head of residential at EC Harris said:
“The size of the pipeline is a reflection of a massive vote of confidence in London and in UK plc and will have only been enhanced by this summer’s Olympics showcase.”
He also added that London prime residential continues to ‘act as a magnet’ for global investment – offering clear opportunities for developers and investors to generate healthy returns.”
High overseas demand and rising property values triggering developments
Despite a worrying economic crisis, it is thought that high overseas demand and rising property values are the reason behind the increase in developments, according to cnplus.co.uk.
Author: Samantha Bartlett Date Written: 03 November 2012