Battersea Power Station regeneration to be accelerated

Joint venture owners of Battersea Power Station SP Setia, Sime Darby and the Employees Pension Fund of Malaysia have announced that they will implement the approved mixed use development scheme for the site, which includes plans for 3,500 new homes; office space; a hotel, and retail space. The Northern Line will also be extended to Battersea Power Station and a new 'transportation hub' is to be located at the site.

The new owners of Battersea Power Station also announced that the development value of the regeneration project is expected to be £8 billion and that the regeneration is expected to provide 20,000 construction jobs and 13,000 permanent jobs. The consortium has formed a new joint venture called the Battersea Project Holding Company Limited (BPHCL).

"It is brilliant that this historic landmark that helped power London for much of the 20th century will be at the centre of this huge regeneration project that will also help power the capital to even greater economic prosperity in the 21st," said Mayor of London Boris Johnson.

"In the coming weeks, with major global investors in town for the Games, I am embarking on gigantic schmooze-athon, to highlight this and the wealth of other amazing investment opportunities that exist," he said. "That is why, for the next month, I have transformed City Hall into 'London House', our showroom to the world, where wealthy International investors will be able to gather to see and hear why the best returns can be found in our great city which offers everything to ensure businesses not only succeed but thrive in the global market."

The Grade II listed former power station is situated on the south bank of the River Thames and is within the Vauxhall Nine Elms Battersea Opportunity Area. The 39.1 acre Battersea Power Station is the last significant piece of prime central London remaining for redevelopment, said Knight Frank and Ernst & Young Real Estate Corporate Finance, joint sales advisers for the scheme.

Wandsworth Council has previously granted approval for a masterplan for the redevelopment of the power station, designed by architect Vinoly. The approved scheme comprises 3,500 private and affordable homes; 160,000 square metres of new office space; 56,000 sq m of retail space, and 9 hectares of public realm. The plans also include proposals for two new London underground stations, which would extend from the Northern line.

"The plan includes a sustainable mixed development comprising residential and commercial units while the power plant with its chimneys will be conserved and preserved," BPHCL said. "The Gross Development Value of the 15 year project is expected to be approximately £8 billion."

"The construction of the Northern Line extension is fundamental to the success of this regeneration project. As such we intend to actively support Transport for London and Wandsworth Council in their efforts to implement and make this essential infrastructure a reality" said Tan Sri Liew Kee Sin, chief executive of S P Setial.