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The renovation has been underway for years now. Apple are simply taking out a lease on some of the new office space. I love the building but the surrounding ar
by adwhit 10y ago
The renovation has been underway for years now. Apple are simply taking out a lease on some of the new office space.
I love the building but the surrounding area is ground zero for grotesque property speculation in London. Recently it looked like the developers had overplayed their hand and wouldn't be able to shift all the £1M+ flats - but now with a bunch of Apple devs looking to rent them out, who knows?
- mseebach 10y agoHigh London property prices are primarily a function of demand outpacing supply, and supply having been particularly slow for a couple of decades. If property developers struggle to shift flats in Battersea, then that's excellent news, that means that the market for expensive flats appear to have been saturated, and that developers will begin addressing the market below this price point now. Also, important to remember, Apple is moving their HQ, not adding a brand new location. The majority of the people working in that office already live in London, so when they moving in to pricey flats in Battersea, they're moving out of similar priced flats elsewhere. While possibly a windfall for those particular developers, the overall supply/demand situation in London won't change much.
- _9MOTHER9HORSE 10y agoThe only reason anyone is paying £1m+ for pokey two beds in Battersea is because they think a greater fool will pay more in a few years time.
- mrec 10y agoAlso, "sales" on these new developments often turn out to mean "off-plan Asian investor put down a £20k deposit which they can and will walk away from in a heartbeat if the market looks like turning, because what are you going to do about it?". In some ways they behave more like options for property speculation.
- objclxt 10y ago> The majority of the people working in that office already live in London, so when they moving in to pricey flats in Battersea, they're moving out of similar priced flats elsewhere. Most of Apple's current offices in London are based in or around Regents Street, nobody is living in apartments near there. Most people are commuting in already, so it's not a massive upheaval.
- jaziek 10y agoA software development salary in London will absolutely not support a mortgage on a £1M flat.
- ibmthrowaway218 10y agoDepends, for a first time buying couple it's a 10% deposit (plus £45k for stamp duty) and then a combined salary of £225k (assuming 4x multiplier on combined income). Sure ~£110k/year is firmly in the top quartile of dev salaries, but not out of the question. More than likely a couple who are already earning ~£70k/year each probably already have some equity in a current home, so a £1m home might not be much of a step up for them.