According to reports, Apple, Inc. (NASDAQ:AAPL) is eyeing the Battersea Power Station, which is currently undergoing redevelopment, to build a new headquarters (HQ) in the UK.
Presently, the Apple HQ in the UK is located at Regent Street. The new HQ prospect is believed to be in a 400,000-square-feet region.
The California-based technology giant has long been looking for a new HQ. Recently, it considered the Rathbone Place off Oxford Street, where a Facebook, Inc. (NASDAQ:FB) HQ is heading. However, Apple has not yet commented on the reports.
Battersea Power Station Reconstruction Phase I
Given the numerous failed attempts to redevelop the Battersea Power Station, many people were doubtful about any makeover visions. That was the case until Malaysian investors invested £400 million in 2012 to transform the site. The skepticism evaporated when the first phase of the reconstruction scheme was launched in 2013. All 865 flats were sold in just a matter of weeks.
However, three years later, the doubts are resurfacing due to the tumbling of oil prices and the overall global economic woes. Due to these dilemmas, developers find it hard to sell prime flats. As a result, they are forced to impose huge discounts and to sell the flats to institutions.
Despite this market downturn, Rob Tincknell, the man in charge of the overall redevelopment of the Battersea Power Station, said that he is not worried. Tincknell believes that in the long run, everything will stabilize for the project.
Battersea Power Station Reconstruction Phase II & III
In March, 2014, the phase two of the project was launched. 254 flats were sold. Today, according to Tincknell, there are still about 20 flats in the market. The second phase included the redevelopment project itself.
The third phase, on the other hand, is about the 1,306-home scheme designed by Foster + Partners and Frank Gehry. The phase is divided into two parts, the first of which was introduced in October, 2014. During the launch, 539 flats have been sold. However, after a year and a half, only 350 flats have been sold. According to Tincknell, only 35 flats now remain on the market from the phase three launch while 150 flats are on hold.