Berkeley Homes has split the top floor penthouses on its development at Goodman’s Fields, E1, amid signs of weak demand for luxury residential space.
A minor materials amendment has been submitted for the last three towers of the scheme. Planning papers said: “The replacement of the three-bed market duplex homes with two-bed homes reflects the lack of demand for oversized three-bed market homes in this location.”
Similar amendments have been made in Lodha’s New Court on Carey Street, WC2, and Berkeley’s Riverlight in Nine Elms, SW8.
JLL research shows London homes valued at more than £2m saw at least a 2.7% decline in the year to June.
Piers Clanford, managing director at Berkeley Homes (NE London), said: “We are in the process of completing the three largest penthouses at One Tower Bridge, SE1, all of which have been sold, and at Goodman’s Fields we are fitting out the penthouse, which is due for completion in December 2015. We have made a couple of adjustments to the mix at both schemes, purely to meet market demand.”
Adam Challis, head of residential research at JLL, said: “The market for larger, high value apartments has been negatively impacted by SDLT changes and very strong capital values.”
