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Lots road power station will soon be developed into a trendy high class quarter with 706 homes with starting prices of £1.7 million. In addition, there will be water gardens and soon to be developed pedestrian bridges across the Chelsea creek. The power station was originally built in 1904 to supply electricity to the tube line and is a great feature of Chelsea wharf, the redevelopment is expected to be very popular.
The next stage will be to add more office development to the area to full the demand which is just expected to increase as the area goes through redevelopment and turns into a destination instead of just a residential area.
As the gate to office – residential conversions close it will be much more difficult to get consent for landlords to convert this space meaning the current supply will now hold strong and grow. With rents achieving £49.5 ps. ft. it is very desirable for landlords to refurbish there space.
Teresa Beatty, a commercial surveyor at Morgan Pryce said “Chelsea wharf is a highly desirable area for less corporate client looking for more quirky space. The redevelopment of the area is expected to bring more business to the area and create a village vibe.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.