Aykon London One Tower, a new residential tower designed by Kohn Pedersen Fox Associates, is set to rise 50-stories above London and offer 450 total residential units.
The project, which marks the first international development outside of the Middle East for Damac Properties, has a total development value of $844 million. $264 million of that total has been put towards a contract with the Australia-based company Lendlease to build the project.
London One will be located in the Nine Elms district, near the former Battersea Power Station building, and will overlook the south bank of the River Thames. Of the 450 units comprised within the building, 360 will be luxury units with a starting price of $1.2 million. The other 90 will be set aside as affordable units. Additionally, four stories have been earmarked as office space.
Despite the fact that a report from London’s property market adviser London Central Portfolio pointed to the number of new apartments being sold in London as declining, Damac believes there will be no issues with filling the tower, according to The National.
The first phase of Aykon London One accounted for about 40 percent of the total rooms available and has already sold out. The company believes it will see the same result for the next phase of units, which is expected to launch imminently.