DAMAC Tower Nine Elms: Prices and Rental Yields in Versace Designed London Apartments

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Hello everyone. Would you like to live in London in an apartment whose interiors were designed by Versace Home? Today, DAMAC Tower Nine Elms is what we are looking at today!

For prices, taxes and the whole buying process, see our guide: UK Property Guide

A first for London: a 50 storey ultra luxury tower born of a special design partnership between Versace and DAMAC. Marble, gold details, signature Versace patterns, and not only in the lobby but inside the apartments as well. And in Zone 1 at that, in a position neighbouring Battersea Power Station and the new United States Embassy. Yes, you read that correctly: in London you can live in a home signed by Versace.

Prices

• One bedroom apartments: £659,000and up
• Two bedroom, three bedroom and penthouse options are available
• Apartment sizes: 50 m², 330 m²
• 50 floors, interior design Versace Home by
• Address: DAMAC Tower, Nine Elms, London SW8 1SF

The tower is complete and handed over. So there is no construction risk, no handover delay and no worry about whether the scheme might be cancelled: you view the apartment and decide. the advantages of buying a new build home ideal for anyone who wants to live there without a waiting period.

Why DAMAC Tower?

Nine Elms: London’s largest regeneration scheme: this area has changed beyond recognition over the last 10 years. Three kilometres of frontage along the Thames, 50 acres of new living space, a brand new park and square. Who are your neighbours? The new United States Embassy, Battersea Power Station and Apple’s United Kingdom headquarters.

• Nine Elms metro istasyonu (Northern Line, Zone 1), within walking distance
• Waterloo, about 8 dakika
• Bank and the City, about 15 minutes
• Vauxhall (Victoria Line and national rail), a 10 minute walk
• The Battersea Power Station shopping centre, within walking distance
• New Covent Garden Market right beside it

Brand value: the branded residence segment in London is still very small. This is the only scheme signed by Versace Home. On the resale market schemes of this kind find a buyer base of their own; they play in a different league from a standard Nine Elms apartment.

Daily life: a new neighbourhood in Zone 1

Leave the house at 8:30, Nine Elms station at 8:33, Waterloo at 8:41. On the way home in the evening the more than 100 shops and restaurants of Battersea Power Station are on your route. At the weekend the new riverside walking routes, Battersea Park and Chelsea on the opposite bank. Cafes, bars and cultural venues keep opening fast in the area.

DAMAC Tower rental yield

Nine Elms’te 1+1 daireler genelde £3,000 to £3,300, 2+1s £4,700 to £5,300 a month. That puts the gross rental yield in the 5.5-6% band: a rather good rate for Zone 1.

Tenant profile: embassy staff, office workers around Battersea and Vauxhall, and young professionals who want easy access to the City. Because it is a branded residence, interest from upper segment tenants is high as well. If you are after a higher return, high yield buy to let areas is worth a look.

The shared areas and the details that set DAMAC Tower apart

The shared areas of DAMAC Tower carry the Versace line too, and are to a five star hotel standard:

• A swimming pool on the 23rd floor: an indoor pool with natural light and Versace signed details. You swim facing the London view.
• Jacuzzi, sauna and steam room: a fully equipped spa area on the pool floor.
• Sports Hall: again on the 23rd floor, a residents-only gym with a panoramic view.
• Cinema room: a private cinema room for residents only.
• Roof gardens and terraces: roughly 745 m² of shared outdoor space; the residents’ lounge with its London view opens directly onto the roof terrace.
• A children’s area: a play section set aside for families.
• 24-hour concierge: a hotel concept including valet parking, a cleaning service and food delivered to the home.
• Versace Home interior design: signature design details come as standard in the kitchen, the bathroom and the living areas.

Energy efficiency and comfort

As a new build tower it is fitted with modern insulation, a high performance facade and central systems; the apartments are typically in the EPC B band. The bills are low and the comfort high. If you let the property you are also safe against the tightening energy standards in the United Kingdom.

Who is buying?

This scheme is particularly popular among international buyers from the Middle East and Asia, markets where the culture of branded homes is strong. Professionals and investors aged 30 to 55 gravitate to the one and two bedroom apartments. It is also a frequent choice for business people looking for a prestigious address to stay in during the week in London. The penthouses, in the ultra luxury segment, are bought as collectors’ pieces.

Frequently asked questions

Mobilya dahil mi? The Versace Home design includes the interior architecture and the fixed fittings. The loose furniture package varies with the apartment and the terms of sale; you can ask us for the current position.

What is the tenure? Leasehold, with newly sold apartments typically given a term of up to 999 years.

Can I buy remotely from abroad? Yes. For the details, our remote property purchase guide page.

Can I use a mortgage? Foreign buyers can normally borrow up to 65-75% of the value. UK mortgages for foreign nationals sets it out.

What is the tax cost? For buyers resident outside the United Kingdom, stamp duty carries a 2% surcharge applies. our stamp duty article is worth a look.

How much is the service charge? In branded homes with a pool, a spa, a cinema and valet parking the service charge is above that of standard schemes. Do ask for this item when working out the net yield; we obtain the current figure for each apartment.

For £659,000, an apartment in Zone 1 signed by Versace, with a pool, a spa and a 24 hour concierge. For the same budget in Chelsea you buy a 100 year old flat with no lift and no parking. The Nine Elms corridor is still developing and the area settles a little more every year.

For the apartments currently available and the floor plans, our project page.

For a detailed price list, floor plans or an appointment, reach us on the WhatsApp button in the left corner of the screen.

Total cost: what you actually pay when you buy at DAMAC Tower

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £659,000 apartment. Stamp duty (SDLT) in the United Kingdom is banded: 0% up to £125,000, then 2%, 5%, 10% and 12%. On top of that, non-residents pay a 2% surcharge, and if you already own another home, a further 5% additional dwelling rate applies.

With a mortgage there are also valuation and bank charges, and if you let the property, management commission and income tax. The figures above are indicative, based on a £659,000 entry price; we prepare the exact calculation for your own scenario.

The DAMAC Tower buying process, step by step

If you are buying from another country, the process runs like this:

• 1. Choosing the apartment and reserving it. We go through the floor plans, the aspect and the view. The apartment you choose is usually held with a reservation fee of £5,000 to £10,000.
• 2. Appointing a solicitor. An independent English property solicitor (conveyancer) is appointed. That solicitor acts for you, not for the developer.
• 3. Identity and source of funds checks. You will be asked for a passport, proof of address and documents showing the source of your funds. This step is compulsory in the United Kingdom, and having the papers ready shortens the process.
• 4. Exchange of contracts and deposit. Contracts are usually exchanged within 21 days of the reservation, with a 10% deposit. The signature can be given digitally from abroad.
• 5. Stage payments. In off plan projects these follow the payment schedule; for completed apartments the step is skipped.
• 6. Completion. The remaining balance and the stamp duty are paid and the title is registered in your name. For completed apartments this stage can take four to eight weeks.

You can run the whole process from your own country; you do not have to travel to the United Kingdom.

Risks and what to watch for

We have set out the strengths; in fairness there are points to watch as well. For DAMAC Tower, these are the ones worth pausing on:

• The service charge is high in a branded residence: in a concept with a pool, a spa, a cinema and valet parking the service charge is above that of standard schemes; ask for the figure at the outset.
• The brand premium does not always come back on resale: the Versace signature can narrow the buyer base or widen it; build your exit plan accordingly.
• Supply is heavy in Nine Elms: a large number of new apartments reach the market in the area at the same time; there is competition in letting.
• The choice of aspect is critical: a serious difference in value arises between the aspects with a river and Battersea view and the inner ones.

None of this makes the project a bad one, but there is a wide gap between buying with your eyes open and finding out afterwards. We give every client this list up front.

How does DAMAC Tower compare with the alternatives?

Before you decide, it is worth looking at the other projects in the same budget band:

• Battersea Power Station: in the same corridor, an iconic building with its own tube station on a higher budget.
• Graphite Square: a boutique scale and a more controlled service charge in Vauxhall.
• Royal Gateway: a more affordable entry price and a higher rental yield in North Acton.

We can work out together which project fits your goal, judged on budget, intended use and exit plan. For an overview, our guide to UK property investment for international buyers is worth reading too.

Answers to the most common questions on this topic: Is Buying a Home in London a Good Idea?