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The Buoyancy Of The South West

18.03.20

Developer Avanton, working with joint sole agents Savills and JLL, has successfully forward sold or reserved 50% of its flagship Coda mixed-use development in Battersea, generating £120 million worth of sales at values up to £1,404 per sqft, in advance of scheme’s main launch in September 2020.

Since the start of 2020, on a weekly basis Coda has been averaging 30 sales enquiries a week, 20 site viewings and three reservations/exchanges. These results make Coda the best selling new homes development in the South West London area. The second and third best-selling new homes schemes in South West London are already build complete, compared to Coda which is being marketed off-plan, an indication of the strong buyer appeal of the Avanton product and project.

With prices starting from £510,000 and 70% of the private sale apartments priced below £1,000,000, Avanton reveal that Coda has appealed strongly to domestic UK buyers, with purchasers including first time buyers, parents buying for children and young couples, some with children.

Located on a large 2.1-acre island site between York Road and York Place, moments from the River Thames, Coda is designed by architects Patel Taylor, and provides 130 private sale apartments, 24-hour concierge, hotel-style foyer, club lounge, gymnasium, landscaped gardens, and a new global headquarters for the Royal Academy of Dance (RAD).

Savills and JLL are currently selling Coda using a ground floor marketing suite and a 790 sqft dressed two bedroom show apartment located on the first floor of the main residential tower. Designed by London Design Group, the ballet themed show apartment has interiors is inspired by the movement, form, creativity and energy associated with dance. During the summer of 2020 Avanton plan to launch two new dressed show apartments on the 13th floor of the main residential tower.

The apartments sit above a raised ground floor podium containing the RAD facilities, with the podium roof providing two courtyard gardens totalling 18,600 sqft of outside space, designed by RHS Chelsea Flower Show medal-winner Exterior Architecture.

The 23 storey, 90 metres tall, central residential tower provides private sale studio, one, two, and three bedroom apartments and penthouses. The floors of the tower are arranged as a series of folding terraces rising skywards. The innovative design provides each floor’s principal apartments with ‘penthouse style’ qualities including dual-aspect wrap-around terraces and feature bay windows with extensive views.

Every home has a private balcony or terrace with substantial use of glazing to maximise natural light and the scheme’s outstanding views from the upper floors. There are less apartments on each floor as the tower rises, giving even greater exclusivity to the upper floor apartments and penthouses.

The residential entrance to Coda is at York Place through a grand entrance lobby with 4.5 metre high ceilings. Luxury amenities at Coda for residents will include access to a state-of-the-art gym, a residents’ club lounge and a 24-hour concierge.

Each studio and one bedroom apartment is allocated one cycle storage space with larger apartments allocated two spaces. The scheme will also have underground car parking spaces and a dedicated sub-station providing charging points for electric cars, and a car club providing two electric vehicles for residents to lease.

David Ronson, Sales & Marketing Director at Avanton, says: “Coda is a completely unrivalled offering in Battersea and South West London. It is a development combining striking architecture, beauty and the RAD cultural facilities, whilst also being a new build scheme that benefits from exceptional amenities and the highest apartment specification currently available in the area. All these features are why we have already secured impressive pre-sales and enjoy the best sales rate in the South West London new homes market.”

Nina Coulter, Sales and Marketing Director of London Residential Development at Savills says: “Battersea continues to benefit from strong house price growth and stability. Due to its fantastic location and transport links alongside an increase of new-build stock, the Battersea market has remained buoyant driven by an influx of domestic young and first-time buyers to the area.”

Alex Carr, Director - Residential Development at JLL says: “The Battersea sales market remains strong fuelled by high quality regeneration projects such as Coda, great transport links and an already highly desirable residential location close to London’s West End. Battersea attracts many young London workers who are looking for well located, state-of-the-art new-build homes.”

The Coda development remains price competitive when compared with other addresses, the apartments average £1,200 per sqft, compared to values of £1,450 per sqft in nearby Nine Elms and £1,800 per sqft in Prime Central London on the Northbank.

Savills say that the local Battersea marketplace had fared well because it attracts more domestic buyers than some other London locations. In Battersea, Clapham and Wandsworth Savills say that 85% of purchases under £750,000 over the last three years have been from domestic UK buyers aged under 40, often benefitting from the ‘bank of mum and dad’.

JLL say that 71% of residents in Battersea are in the ‘Rising Prosperity’ Acorn demographic, households between 25-44 years old. This category tends to be well educated young professionals who choose to live in modern apartments.  JLL highlight that the Acorn demographic like to live in areas such as Battersea which are vibrant and offer amenities ideal for younger homeowners such as restaurants, bars, shops and great transport links.

Coda is situated on York Road, part of the ongoing ribbon of regeneration along the River Thames between Battersea and Nine Elms. The location offers residents easy access to local independent restaurants, bars and boutique shops in Battersea, Clapham and Wandsworth. Renowned Battersea Park is within 20 minutes walking distance. Coda is well situated for good transport connections, with Clapham Junction a nine minute walk and Wandsworth Town an 11 minute walk for Overground rail.

Coda is 60% build complete with final completion scheduled for Q4 2020. Apartment prices at Coda start from £510,000 for a studio; from £575,000 for a one bedroom;  from £750,000 for a two bedroom; and from £1,375,000 for a three bedroom apartment. The marketing suite and show apartment are available to view by prior appointment. For further information contact joint sole agents Savills and JLL at the Coda marketing suite on Tel: 0207 924 6077 or visit www.codalondon.com

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