Battersea Power Station sale completed
05 September 2012
The sale of the former Battersea Power Station, a key landmark in London, UK, has been completed, allowing the start of an £8 billion (€10.1 billion) construction project.
The purchaser is a Malaysian consortium of SP Setia, Sime Darby and the Employees Provident Fund (EPF), and it said that improvements to the derelict plot would be seen shortly, with preparatory work scheduled to begin later this year and first ground broken in the second half of 2013.
The first phase of the development will consist of residential buildings containing a total of 800 apartments. They will stand above a commercial podium which will include retail outlets, restaurants, gym, pool, spa, theatre and office studios.
A new 2.4ha park, open to the public, adjacent to the River Thames and directly linking to the neighbouring 80ha Battersea Park, will form the setting for the new buildings. This phase will be designed by Ian Simpson Architects and de Rijke Marsh Morgan, in accordance with the plans originally given the go-ahead in 2010.
The approved proposals to redevelop the 16ha Power Station plot include the completed regeneration of the Power Station, the largest brick building in Europe and described as one of the most significant surviving examples of Art Deco architecture.
It is said to be a major part of the regeneration vision for the area and has extensive political support with the backing of the London Borough of Wandsworth, the Mayor of London, and the UK government in its National Infrastructure Plan published in November 2011.
The site has been acquired, following an open market tender, for £400 million through a special purpose vehicle known as Battersea Project Holding Company (BPHC) in which SP Setia and Sime Darby have a 40% stake each with EPF holding the remaining 20%.
President and chief executive officer of SP Setia, Tan Sri Liew Kee Sin, said, "With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the Power Station at its heart, creating up to 26,000 new jobs in the process."
Rob Tincknell, CEO of Battersea Power Station Development Company (BPSDC), managing the delivery of the redevelopment, said, "The unique UK-Malaysian partnership brings with it the financial strength, expertise and commitment necessary to deliver what is one of the capital's most important and iconic development projects."