The power station will be renovated. File picture: PA Wire

Luxury flats will go on sale for the first time at the Battersea Power Station site later today - with prices starting at more than £300,000 for a studio apartment.

Developers have invited potential buyers to view the masterplan for the historic site, called Circus West, from this morning.

Once completed, it is expected to feature 800 one, two and three-bedroomed apartments and penthouses as well as shops and offices.

Today’s launch will be followed by sales exhibitions around the world over the next few weeks.

Rob Tincknell, chief executive of the Battersea Power Station Development Company, said: “We are incredibly excited to be welcoming the UK public to the site of one of Britain’s most iconic landmarks.

“Over the past few months, we have seen enormous interest in this unique development from potential purchasers.”

Three bed-apartments will be on sale for almost £900,000. The first residents are expected to move in from 2016.

Initial construction work on the site has started, with the Grade II* listed building, including its recognisable chimneys, to receive extensive renovation. A new six acre riverside park will also provide direct access to Battersea Park and Chelsea via a new riverside pathway.

Wandsworth Council granted planning permission for phase one of the development shortly after the government confirmed it would loan Transport for London £1billion to fund the Northern Line extension to Battersea Power Station.