Comments on: Battersea: £4 billion overhaul http://www.creditwritedowns.com/2008/06/battersea-4-million-overhaul.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 By: Mark Wadsworth http://www.creditwritedowns.com/2008/06/battersea-4-million-overhaul.html#comment-55 Mark Wadsworth Sat, 21 Jun 2008 14:40:00 +0000 http://www.creditwritedowns.com/2008/06/battersea-4-billion-overhaul.html#comment-55 Development is indeed less likely in a housing bust. But without the housing boom, there wouldn't have been a housing bust. And with Land Value Tax, there wouldn't have been a housing boom. Continued page 94. Development is indeed less likely in a housing bust. But without the housing boom, there wouldn’t have been a housing bust. And with Land Value Tax, there wouldn’t have been a housing boom. Continued page 94.

]]> By: Edward Harrison http://www.creditwritedowns.com/2008/06/battersea-4-million-overhaul.html#comment-54 Edward Harrison Fri, 20 Jun 2008 23:00:00 +0000 http://www.creditwritedowns.com/2008/06/battersea-4-billion-overhaul.html#comment-54 I have now changed 'million' to 'billion.' A world of difference. <br/><br/>As for the sweetheart deal, you're right about development. Just think how it would have looked south of the Thames in the late 1990s and this decade had the developer actually done something with this eyesore.<br/><br/>The power station itself is something to behold. I used to visit friends in Clapham from West Brompton via British rail. The power station loomed over us on our way across the Thames.<br/><br/>That was the late '90s when Battersea needed the development. In a housing bust I think development is a lot less likely now. I have now changed ‘million’ to ‘billion.’ A world of difference.

As for the sweetheart deal, you’re right about development. Just think how it would have looked south of the Thames in the late 1990s and this decade had the developer actually done something with this eyesore.

The power station itself is something to behold. I used to visit friends in Clapham from West Brompton via British rail. The power station loomed over us on our way across the Thames.

That was the late ’90s when Battersea needed the development. In a housing bust I think development is a lot less likely now.

]]> By: Mark Wadsworth http://www.creditwritedowns.com/2008/06/battersea-4-million-overhaul.html#comment-53 Mark Wadsworth Fri, 20 Jun 2008 22:27:00 +0000 http://www.creditwritedowns.com/2008/06/battersea-4-billion-overhaul.html#comment-53 Oh, by the way, the title of this post should say "billion", not "million". Oh, by the way, the title of this post should say “billion”, not “million”.

]]> By: Mark Wadsworth http://www.creditwritedowns.com/2008/06/battersea-4-million-overhaul.html#comment-52 Mark Wadsworth Fri, 20 Jun 2008 22:23:00 +0000 http://www.creditwritedowns.com/2008/06/battersea-4-billion-overhaul.html#comment-52 Battersea Power Station is another tale that winds up us Land Value Taxers no end. The site was bought fifteen years ago for <a HREF="http://business.timesonline.co.uk/tol/business/article656016.ece" REL="nofollow">£10 million</a> (at the bottom of the last UK property slump) and sold on two years ago for £400 million. That's £390 million profit for doing sweet FA (minus costs).<br/><br/>It's a 38-acre site, for Heaven's sake, that means each square yard of land is worth over £2,000. And it's far from the nicest or most expensive bit of London, where land was worth £20,000 per square yard last year (before the current crash started).<br/><br/>Had the site been subject to Land Value Tax, then the owner would have been forced to get the site developed a long time ago - to cover the cost of the tax - so there would be more houses, more offices etc, everybody wins! Battersea Power Station is another tale that winds up us Land Value Taxers no end. The site was bought fifteen years ago for £10 million (at the bottom of the last UK property slump) and sold on two years ago for £400 million. That’s £390 million profit for doing sweet FA (minus costs).

It’s a 38-acre site, for Heaven’s sake, that means each square yard of land is worth over £2,000. And it’s far from the nicest or most expensive bit of London, where land was worth £20,000 per square yard last year (before the current crash started).

Had the site been subject to Land Value Tax, then the owner would have been forced to get the site developed a long time ago – to cover the cost of the tax – so there would be more houses, more offices etc, everybody wins!

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