London & Stamford snaps up a bargain in Battersea

Property investor London & Stamford today snapped up 57 flats on the banks of the Thames for a knockdown £27.5 million.

The firm, run by industry veterans Raymond Mould and Patrick Vaughan, bought the luxury apartments at Bridges Wharf in Battersea from developer Weston Homes.

It was their second foray into the housing market following last year's acquisition of 146 flats in the North Stand of Arsenal FC's former Highbury stadium.

The average price of the Bridges Wharf flats was roughly £480,000 or £517 per square foot — well below the £750 to £800 per sq ft analysts said they were worth.

The most expensive penthouse could fetch as much as £2 million.

London & Stamford was set up to invest principally in commercial property but has now also turned its attention to the high-end housing market.

The firm plans to let the flats within months and hold them for at least a year to gain value before selling.

KBC Peel Hunt analyst Matthew Churstain said: "They could make a reasonable amount of profit on sale."