Resale revenue from flats in Battersea Power Station has increased by 471%, according to the accounts of its estate agents.
Battersea Power Station Estates said that operational revenues increased to £783,921 in the year to October 2015, four and a half times more than the £137,207 recorded the year before.
The company’s revenue is “primarily earned in relation to the resale of the existing residential units to third parties”, according to the documents.
The development has been the subject of reports of flat-flipping. Presold flats have been advertised on estate agency websites, as purchasers look to offload the units before completion.
Despite the increase in revenue, Battersea Power Station Estates, a sister company of the Battersea Power Station Development Company, made a loss for the financial year of £76,743.
Meanwhile, the Battersea Power Station Development Company saw revenues rise by 56% to £26.6m for the year to October 2015, and profit triple to £2.9m.
BPSDC acts as development manager for the Battersea Project Holding Company, the main owner of the development, registered in Jersey.
It received payments of £26.6m for the year from the Battersea Project Land Company, a subsidiary, £23m in project management fees and £3.5m in sales commissions.
According to the results, £14.9m was paid in salaries and wages to the 119 employees, excluding director bonuses, resulting in an average salary of £125,602.
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