While the Brexit has caused some investors to stay away from the UK market, others have taken advantage of the weak pound to nab real estate at low prices. A number of buyers from Thailand have purchased units at the mixed-used Centre Point development located in central London. Local media noted that the number of apartments sold to Thai nationals has doubled in the two months since the UK voted to leave the European Union.
Thai citizens have been drawn to the project for a few different reasons apart from the favorable exchange rates. Tracy Hughes, the project’s residential sales director, told media that Centre Point apartments are situated in a desirable location that appeals to Thai buyers. In addition to this, the project’s design is also unique and makes it stand out when compared to similar developments.
Centre Point, which is currently undergoing a massive renovation that is expected to be completed in 2017, was built in 1966 and is a landmark building that is protected by the government. The UK government recognized the 34-story development for its exceptional and unique design. The building’s owner, Almacantar, decided to refurbish the development to make it more appealing to buyers.
Hughes explained that London’s lifestyle and educational opportunities appeal to Thai buyers as well as investors. The city continues to be a world-class destination and she pointed out that the appointment of a new prime minister has brought political and economic stability back to London.
The central London location places residents within walking distance of a number of the city’s landmarks including theatres, restaurants and retail outlets. There will also be a new square built at the base of the development which will house cafes, shops and restaurants. Centre Point will also benefit from the new Crossrail train that will begin operations in 2018. The high-speed train is expected to reduce commute times in London and a station will be situated close to the development.
