Busy Development Pipeline Leaves London Home Shoppers Spoiled for Choice

An array of projects, from lavish penthouses to a former power plant conversion, are launching amid strong luxury sales

By Claire CarponenOriginally Published Sept. 25, 2022

Renderings: Gulf Islamic Investment

Despite a summer filled with record-breaking temperatures and travel disruptions, London is almost back to its pre-pandemic bustle, and that's been a boost to the property market.

A recent Knight Frank report said the U.K. capital has a strong pipeline of prime sales transactions, showing "there's currently a healthy appetite for higher-priced homes." The report said the number of offers accepted on prime homes across the capital in July was the highest in a decade. The top end of the market (homes priced £5 million or more) have seen the biggest increase in new instructions in August, up 30% on 2018 levels, according to the latest market analysis by LonRes.Figures from LonRes show the average price of a prime central London home grew by 4.2% year on year in August (3.1% higher than their pre-pandemic average between 2017 to 2019). Though the same report found the number of deals falling through in August had spiked 33% over a year ago, showing there is some uncertainty in the market.

The resumption of international travel and relatively affordable prime prices (values are still down by 15% from the market peak seven years ago) are factors that are driving demand, according to the same Knight Frank report. More people are being encouraged to sell and secure mortgage rates, which are rising. There's also the appeal of real estate as a hedge against inflation through rental income and capital growth.Though autumn is here, there's still time for people wanting to make a home move in the capital before Christmas. And London has new high-end homes launching over the next couple of months. We’ve selected five standout examples, including the redevelopment of an industrial riverside icon and a stylish collection of high-rise penthouses on the City of London borders.

Renderings: chelseawaterfront.com

A slice of London's industrial history is up for grabs in Chelsea where homes in a disused Edwardian-era power station are about to hit the market.The Lots Road Power Station, which provided power to the London Underground for 80 years, is being reimagined as residences and shops. The industrial relic is the oldest, least known, and last of London's three great power stations to be repurposed. (The other two, Battersea and Bankside, are now a mixed-use development and the Tate Modern art gallery, respectively). The power station redevelopment forms the focus of a residential-led, mixed-use scheme known as Chelsea Waterfront, providing it with a historic anchor. The new additions are two glass towers, one 37 stories, and the other 25 stories, which will stand on either side of the creek, framing the power station, and three low-rise waterfront buildings. It opens up 400 meters of waterfront to the public that was previously inaccessible.Chelsea Waterfront is located on an 8-acre site around the Chelsea Creek waterway, which runs into the Thames. It is being developed by Hutchinson Property Group to a masterplan by Sir Terry Farrell's practice, Farrells, who have also created its architecture and interior design. Woven around the buildings are "beautifully lit" landscaped gardens, including a creekside park.

The 260 units in the reimagined Lots Road Power Station—whose distinctive red brick form has stood dramatically on the banks of the Thames since 1905—will have views across the river and its gardens. Its design retains its tall, clerestory topped windows, vaulted roof and two remaining chimneys and reinstates its bricked-up windows with glazing and balconies, according to its sales photos. Its interiors are yet to be revealed. The vast building also includes extensive space for shops (retail partners are still to be announced).

The public launch of Lots Road Power Station is on Sept. 29.Number of Units: 260 apartmentsPrice Range: There are two to four-bedroom apartments and prices will start from £1.7 million (US$1.9 million)Developer/Architect: Hutchinson Property Group/Farrells architecture practice and Randle Siddeley Associates landscape architectsApartment Sizes: Apartments range from one to four bedroomsAmenities: Chelsea Waterfront's wellness facilities are located on the ground floor of the development's Tower East building, directly next to Lots Road power station. They include a pool, a spa, a sauna, a steam room and a gym overlooking the Thames. Website: chelseawaterfront.com

Renderings: chelseawaterfront.com

Renderings: Gulf Islamic Investment

Developer Gulf Islamic Investment (GII) has created The Lucan, a collection of residences under the Marriott International's Autograph Collection brand. It sits in the former Chelsea police station and has interiors that fuse European style with modern Middle Eastern touches.

The remodeled and extended corner development lies near the King's Road on Lucan Place, right in the heart of Chelsea dating to the mid-20th century. The Lucan is also Marriott International's very first standalone property in its Global Residential portfolio, according to its marketing materials.

Channeling an Art Deco modernist vibe, the revamped, three-fronted building, with interiors by Rive Gauche London, has tonal red brickwork inspired by the urban look of the Chelsea neighborhood, with rows of large windows and bespoke green tiled borders. Apartment living spaces open onto wrought-iron Juliet and projecting balconies, with intricate railing details. Each apartment has drop ceilings, warm metallic accents with recess fluted timber and built-in lighting, natural oak flooring. They have floor-to-ceiling windows and bespoke fitted bedroom wardrobes and stone kitchen worktops, Bianco matt lacquer and metal-finished kitchen cabinetry and Miele kitchen appliances. Apartment kitchens, meanwhile, can easily be separated from the living area. Its main reception space has its own gold-effect fireplace, a ripple-effect metal doorway leading to the lift area, which provides access to all apartments, an organic-shaped glass chandelier and a striking Verde Guatemala marble flooring inlay in the lobby area. The gym for residents is equally striking with a light box ceiling and timber-lined walls and limestone accents.The residences’ soft launch was in August, with its main show flat launch taking place in the fall. Number of Units: 31 apartments Price Range: Prices start at £2.3 million for a one-bedroom apartmentDeveloper/Architect: Gulf Islamic Investment/Kohn Pedersen Fox Associates Apartment Sizes: One-, two- and three-bedroom apartmentsAmenities: The Lucan's "first-class" services will include a 24-hour concierge, a state-of-the-art gym, and porter services. Residents also have access to extensive a la carte, on-demand services, including housekeeping, dog walking, a personal chauffeur and wellness services. Its 24-hour concierge service, or "The Luminary," promises to bring its residents the "insider edit on all things Chelsea and make life effortless." Website: thelucan.net

Renderings: Gulf Islamic Investment

Renderings: CIT and with Bain Capital Credit

Developer CIT and Bain Capital Credit are redeveloping a grand mansion block in Belgravia, built in French-Renaissance style, overlooking Grosvenor Gardens park.The 8 Eaton Lane has an ornate facade that recalls the grand mansions of Europe and was built by architect Thomas Cundy III in the 1860s. It is undergoing a rebuild that will create a collection of 42 residences and seven, ground-floor retail units, completing in 2024.The central London development's contemporary high-end apartments face Eaton Lane and the southern garden of Grosvenor Gardens park. Its homes feature herringbone parquet, white marble kitchens, high ceilings hung with statement lighting, and pale paneled walls, as shown in its CGI sales images. 8 Eaton Lane was originally built as a mansion block named Belgrave Mansions, which was commissioned by the Marquess of Grosvenor in 1863 and featured a number of boutiques on ground level. The late Queen Elizabeth The Queen Mother is rumored to have been born there. In 1921, it became the Belgrave Hotel until the 1930s, when it was used as commercial space.The residences will launch to the market in early autumn.

Number of Units: 42 Price Range: Two-bedroom apartments start from £3 million Developer/Architect: CIT and with Bain Capital Credit/PDP London and Millier LondonApartment Sizes: From one-bedroom apartments to four-bedroom duplexes Amenities: The residences feature a private communal screening room, a business suite, a grand reception room with residents’ lounges, a swimming pool, a gym, and spa facilities. There is a valet underground parking and storage available for residents, and seven ground-floor retail and leisure units whose partners have yet to be announced. The building also has a 24-hour concierge and security.Website: 8eatonlane.com

Renderings: CIT and with Bain Capital Credit

Rendering: Catalyst

Developer Catalyst is launching a new phase of its Portobello Square development, an urban regeneration project in Notting Hill.Portobello Square is the rebuilding of the Wornington Green Estate, set on 13 acres of land, beside Portobello Road. Designed by Conran & Partners, it will deliver around 1,000 homes, alongside new commercial and community spaces, in two mansion block-style buildings.The new Portobello Edition phase lies in the five-story Auria building. Its apartments have views over Portobello Road, known for its charming, colorful houses and famous street market. The iconic area starred in the backdrop to the 1999 Julia Roberts and Hugh Grant film "Notting Hill."Apartment interiors feature Neff appliances, wide, full-length windows, wood-finished flooring, an under-mounted kitchen sink, pop-up worktop sockets, flexible interior spaces, and a neutral décor. All homes feature either a balcony, terrace or garden.

Conran and Partners has given The Auria a strong and impressive sustainability ethos. All homes boast water- and energy-saving features and methods to reduce waste and pollution are incorporated into the wider development. Number of Units: 111Price Range: One-bedroom apartments start from £675,000 and two-bedroom apartments cost from £945,000. Two-bedroom duplexes from £1.365 millionDeveloper/Architect: Catalyst/Conran and PartnersApartment Sizes: One- and two-bedroom apartments, and two-bedroom duplexes Amenities: The Auria building has four lifts, a co-working space, a courtyard garden, flexible commercial spaces, and a residents’ gym and 24-hour concierge. It lies adjacent to the former estate's Athlone Gardens park, which is being extended and re-landscaped to offer nearly 2.5 acres of public space Website: theauria.london

Rendering: Catalyst

Rendering: Developer MTD Group

One Crown Place is a new, colorful high-rise development located where the city's financial quarter meets the cool East London. It is now selling its final phase of apartments—a collection of 11 penthouses duplexes with outdoor spaces by rising designer Sophie Ashby.

The Sophie Ashby penthouse collection is set on the upper floors of One Crown Place's two towers. Its unique duplexes have double-height, double-aspect living rooms, black slatted wall paneling, and a split-level staircase facing a huge glazed wall framing city views. Décor across the collection includes lots of soft hued woods, heritage colors, and black metal and white marble accents.

One Crown Place sits adjacent to Liverpool Street station, on Sun Street. It comprises three glass buildings with 264 apartments and a six-story podium with office space and retail units

The Sophie Ashby penthouse collection launches on Oct. 22.Number of Units: 11Price Range: Not all prices are released, but one of the penthouses—a three-bedroom duplex—is on sale for £8.625 million and has 2,980 square feet of internal living space.Developer/Architect: Developer MTD Group/Kohn Pedersen Fox Associates and Studio AshbyApartment Sizes: A combination of one- and three-bedroom apartments and three-bedroom duplexesAmenities: The seventh floor of One Crown Place is a dedicated amenities level, with a gym and fitness studio. There is also a private dining room, a residential lounge, a work hub, a screening room, a treatment room and a 2,475-square-foot roof terrace. It has a 24-hour concierge and on-site security. Website: onecrownplace.com

Rendering: Developer MTD Group

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Busy Development Pipeline Leaves London Home Shoppers Spoiled for Choice