DEVELOPERS have tall ambitions for London’s skyline, with more than 100 residential towers being built or planned across the capital, new research shows.
Soaring residential land values and a booming population has prompted a revival in high-rise towers, which lost their popularity after a backlash against the concrete block disasters of the 1960s.
A report by agents Knight Frank released yesterday said there are 25 schemes currently under construction in central London which include one or more tower over 20 storeys high.
A further 78 schemes have been granted planning permission, although not all approved towers are guaranteed to be built as developers struggle to raise sufficient funds.
Stephan Miles-Brown, residential development analyst, said: “This is London’s decade of towers: with residential land values up 20.3 per cent in the last twelve months and a population boom, a need for the most effective use of space is evident.
“However, only 30 per cent of the schemes including towers with planning permission are underway – partially a symptom of the challenging funding climate,” he added.
The Tall Towers report, published together with consultants EC Harris and planning practice Barton Willmore, said most towers are designed for luxury living, with buyers paying a premium for a bird’s-eye view of the capital.
It estimates that the average price of a flat increases by 1.5 per cent per foot, the closer it is to the top of the building.
The ten luxury flats at the top of the The Shard, Europe’s tallest tower which was officially completed in July, are expected to sell for up to £50m.
Other developments include The Heron, a 36-storey residential tower, which is almost ready for residents in the City of London.
The Tower at St George Wharf, which at 49 storeys will become one of Europe’s highest residential towers, will be completed next year.