CK Asset’s London luxury project Powerhouse piques interest in Hong Kong as the pound falls
- CK Asset launches the first 20 units of its Powerhouse development in the affluent borough of Kensington and Chelsea
- Many prospective buyers are drawn to the project by the weakening British currency, according to a company spokeswoman
Many who attended the first of a two-day weekend exhibition and sales launch in Central were hoping to make the best of sterling’s sharp decline, according to a company spokeswoman.
“The response has been overwhelming, many were drawn by the low value of the pound,” she said, although she declined to reveal the number of visitors to the exhibition or the units sold. There was no queue outside the venue.
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On Saturday, CK Asset launched the first 20 units of its Powerhouse development in the affluent Royal Borough of Kensington and Chelsea, comprising 260 one-to-four bedroom loft-style apartments ranging from 638 to 1,883 square feet.
A two-bedroom 1,016 sq ft flat is priced at £1.76 million (US$1.95 million), while a four-bedroom 1,882 sq ft unit is priced at £3.33 million, according to Savills, one of the sales agents.
Powerhouse, situated by the entrance of Chelsea Creek, which flows into the River Thames, is the latest phase of CK Asset’s Chelsea Waterfront development, which includes two glass residential towers of 37 and 25 floors and four riverside buildings.
The new flats are housed in the former Lots Road power station with two high chimneys. Commissioned in 1905 and decommissioned in 2002, it used to power the London Underground system.
Billed as “one of the most historic and extraordinary London landmarks” by Savills, it is the last of London’s three power stations to be redeveloped into residences.
