A residential tower at the centre of the £3bn Nine Elms Square development has struggled to find buyers for its luxury apartments.
The skyscraper has sold less than one in 15 homes in its first year of marketing, The Telegraph first reported.
Fewer than 90 flats were sold last year, with more than half of the apartments have reportedly been sold to employees or friends of the developers, or other related parties.
The square, which houses three skyscrapers, includes London’s tallest residential tower that hosts two £10m ‘sky villas’.
The Nine Elms development has reportedly sparked fears that it’s a dead-end investment, with the Telegraph citing one investment adviser who urged clients in September to sell any assets at the site and reinvest elsewhere.
However, the lofty sales tag on the luxury apartments will have reimbursed some of the cash spent, though generous returns are looking lacking.
Chinese developers R&F and CC Land, who spearheaded the project, have already cut the number of planned flats from 1,900.
The entire project is expected to be completed in 2023.
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