U.S tech-giant Apple is going to create a spectacular new London HQ at Battersea Power Station in a massive coup for the £9 Billion development.
Although the European HQ will remain in Ireland, the iPhone maker will move 1,400 staff from sites around London into what it’s calling “a new Apple campus”.
London Central Portfolio said prices at Nine Elms are currently down 8% on their 2014 high, values across the capital have risen an average of 23% in the same period.
The news was hailed by London Mayor Sadiq Khan as “a further sign that London is open to the biggest brands in the world”. The announcement has been labelled “a game-changer for the development” by Ed Mead, board member of Douglas & Gordon estate agency.
Apple have agreed to lease a whopping 500,000 square foot in total, making it one of the biggest single office deals ever signed in London. A spokesperson said, “this is a great opportunity to have our entire team working and collaborating in one location while supporting the renovation of a neighbourhood rich with history.”
So rich with history that apparently the developers are turning away large chain restaurants, offering retail space first to independent shops currently based in artsy areas like Peckham.
DMZ views the Apple deal as a huge achievement which offers the Power Station a level of cultural clout it was arguably missing after being labelled by some as ‘another new ghost town for foreign money’. Will this deal prompt a mini-bubble, like the 66% increase in house prices tech-friendly San Francisco has seen over the past 4 years?
Probably not. Already at £9.5 million for a 3-bed penthouse and with new builds springing up everywhere in London, DMZ doesn’t expect a sudden price spike at the Power Station.
However, it doesn’t take an Apple Genius to work out that in longer term the deal will definitely give the area the elusive and immeasurable ‘cool factor’. Watch this space….