Lambeth and Wandsworth Councils are allowing developers to create a new ‘ghost town’ of empty flats at Vauxhall, Nine Elms and Battersea, says the City of London’s chief planning officer Peter Rees.
What is more, there is no need for the Northern (Tube) Line Extension from Kennington to Battersea because so few people will actually live in the flats they buy or even rent them out. Rees told Property Week, ‘I’d have thought a single-decker bus once an hour would be enough’.
Rees opposes applications to switch building use in the City of London from office to residential, even though this would increase valuations by up to 400%.
‘If you can sell your development off plan to people in Kong Kong before you’ve even started constructing it- [people] knowing they’ll have a safe home for their money, and maybe will live there for two weeks a year and won’t even rent out the flats – that’s a very hassle-free way of making money, but it’s not very good for London’.
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