2024-11-21T17:41:11-05:00 https://archinect.com/news/article/150060213/grenfell-style-cladding-causes-value-of-upscale-london-apartments-to-drop-by-90 Alexander Walter 2018-04-16T16:21:00-04:00 >2018-04-16T16:21:50-04:00 <img src="https://archinect.gumlet.io/uploads/aw/awpmz2okc1l0i507.jpg?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><em><p>A homeowner in a housing complex in London with Grenfell-type cladding has been told the value of her &pound;475,000 home has collapsed and is now just &pound;50,000. Galliard Homes, the developer of the 11-block complex in New Capital Quay in south-east London, is facing a &pound;30m-&pound;40m bill to replace the cladding and is locked in a legal dispute over who should pay.</p></em><br /><br /><p>The New Capital Quay development&mdash;home to about 2,000 residents&mdash;is believed to be the largest private development to have flammable cladding after the <a href="https://archinect.com/news/tag/959731/grenfell-tower-fire" rel="nofollow" target="_blank">2017 Grenfell fire tragedy</a> that killed 71 people, <em>The Guardian </em>reports. The apartments are now considered unsellable.<br></p>