London property developments expect proximity to famous landmarks will boost sales, prices
- Greenwich Peninsula, Marylebone Square and Battersea Power Station bank on iconic buildings and addresses to attract buyers
- Buyers from Hong Kong, mainland China like to have landmarks nearby, property agent says
At least three residential projects in London are betting on nearby landmarks to boost their prices, underscoring the importance of location when it comes to investing in, or buying, a property.
Greenwich Peninsula, Marylebone Square and Battersea Power Station, three projects in the UK capital, are banking on attractions to boost their prices.
“There are some exciting developments, such as Battersea Power Station, taking shape in London at the moment, which are creating new communities that offer a place to live, work and play. In today’s market, iconic buildings and addresses will always attract a buyer’s attention,” said Mark Elliott, head of international residential, Savills Hong Kong.
A 2017 study by property consultancy CBRE found the average prices of property within a 500-metre radius of amenities such as hotels were 85 per cent higher than residences farther away. Other amenities, such as department stores, restaurants, museums and universities improved valuations by between 25 per cent and 83 per cent.
“The highest premium occurred for properties close to hotels. Our analysis included Claridge’s, the Dorchester and The Ritz. The average prices of properties within 500 metres of hotels was £3.2 million [US$3.88 million], more than double the borough average of £1.68 million,” the study said.
