Building a new community around an old industrial site in the heart of London might sound unlikely in these modern times. But that is what has taken place at Battersea Power Station.

The regeneration project has taken nearly a decade and cost billions of dollars, but it is now home to 1,500 residents and scores of businesses. Moreover, it's expected to create 20,000 jobs and become a leading destination for trade and investment.

Once called the Cathedral of Power for its awe-inspiring architecture and imposing façade, Battersea Power Station is now the focal point of a new London neighborhood.

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"There was nothing here but an empty building, rusty pillars and a lot of pigeons," said Battersea Power Station Development Company CEO Simon Murphy of a listed building which had been decommissioned back in 1983. With several aborted attempts at renovation, it has been a long wait for the power station to reopen.

"I think it is important on every level," continued Murphy. "We are coming out of these very difficult couple of years and all need great symbols of hope. This is something which a number of years ago was decrepit, it was falling down, it had no future. We've turned it around, creating a wonderful place for London, a wonderful new place for the country."

The area has been transformed with residential, retail and leisure facilities across a 170,000 square meter site that is steeped in history.

Battersea Power Station is one of the biggest brick buildings in Europe, originally built to generate coal power which at one point provided a fifth of London's electricity. Its architect was Giles Gilbert Scott, who also designed the UK's world-famous red telephone boxes.

With coal power falling from favor, the lights were switched off at Battersea decades ago and this industrial landmark lay dormant – until finally, clever planning, partnerships and a consortium of investors from the UK and Malaysia built it back.

Original bricks

"Extraordinary doesn't come cheap, but in the long term it will be worth it," said Murphy.

"Value-wise, it is north of $15 billion of growth value; in terms of the workers on site, it's been over 4,000 people coming up for eight years and we're still going. In terms of volumes of materials, we have used three Eiffel Towers' worth of steel in this building alone."

There are six million bricks used in the construction – and a million of them have been replaced with bricks from the original works in Gloucestershire.

"Their phone rang for the first time in many a year and they got an order for a million bricks," smiled Murphy. "Bricks from the very same kiln, built in the very same way, going back into the building – and it's that level of attention to detail which means the product is as good as it gets."

The scale of the development makes it one of the biggest investments in the UK. And while the vision for community has been a core focus of the project, the finish is very high-end – with a definite nod to the building's Art Deco vibe.

A two bedroom apartment with a view of London's River Thames is on the market for around $5 million. Even a studio requires a six-figure sum. Around 65 percent of purchasers are UK residents; the rest are mostly investors from overseas, notably China.

"We have lot of Asian customers. They love the idea of the power station, they love the brickwork and they love the whole lifestyle," said Patrick Parsons, the China representative for the Battersea Powerstation Development group.

"It is a mixed-use development with the largest retail development in central London today. It also has the offices, where Apple have taken over 50,000 square meters of office, so all of that is very enticing for the Asian investors. They get it.

"One thing that is very, very important to Asians, and particular the Chinese, is education. They are keen to invest in their children's future and the UK has always been a very good place to get a good quality education. Battersea is an ideal location."

Property boom continues

More Chinese investors are choosing the UK for their money, building a portfolio of UK businesses and property worth almost $183 billion, according to a May 2021 study in The Sunday Times. They're attracted by huge rental yields and low market value prices.

Even the two major economic shocks of Brexit and COVID-19 haven't deterred Chinese interest in the UK. International property portal juwai.com recorded a 213 percent increase between July 2019 and July 2020 in enquiries for UK property from China.

London continues to build momentum, with an influx of foreign interest at the top end of the property market – not only on London's riverside.  Analysts say the capital looks set to enjoy a sustained level of house price growth well into the year ahead.