Insights

China to build Europe’s tallest skyscraper in London

China’s largest property developer has begun construction on an £800m (R15.3bn) tower in London, which is set to be Western Europe’s tallest residential skyscraper.

Spire London will rise 235 metres on a site close to Canary Wharf in London’s Docklands. The new tower will be just one metre shorter than Canary Wharf’s tallest commercial skyscraper, the office building One Canada Square.

The development, which is being dubbed the “Flower Tower’ due to its unusual three-petal theme, will include 861 apartments in the 67-storey tower. The premier and penthouse apartments on floors 56 to 66 will offer the highest residential views in London.

“Spaces on the top of the building and on the third storey will provide more than 950 metres of private gardens.”

The development promises “five-star lifestyle amenities” including a 35th floor club and infinity pool with spectacular views over the city. There will also be a spa, gym and cocktail bar. Spaces on the top of the building and on the third storey will provide more than 950 metres of private gardens.

Spire London will officially launch at an event on 13th October when apartments go on sale at prices starting from £595 000 (R11.3m) for a one-bed luxury suite. The development is scheduled for completion in 2020.

Agents will be closely monitoring the sales performance of London Spire, amidst concerns that the market for luxury new-build apartments in the capital has peaked.

There has been a surge in the number of luxury apartments available on the market just as demand slows due to persistent global economic weakness, uncertainty surrounding Brexit and a series of tax hikes on property investors.

In the immediate aftermath of the Brexit vote, prices in many tower developments faltered, particularly in London. Several property websites began advertising unfinished apartments at below the original price charged by the developer, in an attempt to lure buyers.

However, the developers of London Spire – the Greenland Group – believe that there will always be demand for ‘best in class’ property assets that offer a high quality, unique product in a prime location. The developers believe that Spire London fulfils these criteria and anticipate healthy demand for the apartments from both British and overseas buyers.

According to the Greenland Group, which has also invested in skyscraper projects in Los Angeles, Sydney and New York, the London Spire development reflects its continued confidence in both the London economy and its property market.

Posted by Rikus Geldenhuys