The new iconic property development at Battersea Power Station in London has become one of the fastest selling residential property projects ever.

The Battersea Power Station Development Company said today that since the sales office was opened last Wednesday some 75% of Phase One properties have been reserves.

That amounts to 600 of the apartments and townhouses within Phase One, known as Circus West, with 600 million of property reserved.

ÑThe first week of sales at Battersea Power Station has been phenomenal with commitments for over 600 million received since the launch just five days ago. This is a water shed moment in the history of the Power Station and key to finally enabling this important London site to be regenerated, more than 30 years since its decommissioning,Ò said Rob Tincknell, chief executive officer of Battersea Power Station Development Company.

Buyers, both in the UK and abroad, clearly appreciate the mixed use nature of the town centre scheme which will provide London with a thriving new community on the banks of the River Thames,ђ he added.

Building on site is due to start in the late summer, with completion of Phase One in 2016/2017. Prices start at 343,000 for a studio up to ã6 million for a penthouse sold on 999 year leases. In total some 3,400 homes will be built in the next 15 years on the 39 acre site which overlooks the River Thames opposite from Chelsea. There will also be gardens, a theatre, a gym, swimming pool, shops, business facilities, art galleries and a spa.

Many in London are delighted that the site is being revived. The power station, which was decommissioned in 1983, was made famous on the cover of rock group Pink Floyds best selling album Animals.

The building, which is Grade II listed, has lain empty as various development plans came and went including ideas to turn it into a nightclub complex, a Disneyland style park and a football stadium. Now its iconic four towers will be carefully dismantled and rebuilt to strengthen them.

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