The joint venture company has confirmed that it plans to implement an approved master development plan for the Battersea site, which includes proposals for around 3,500 new homes. It was drawn up by architect Rafael Vinoly.
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 masterplan that Vinoly prepared for the redevelopment of the Station. 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.
The Battersea Power Station site is identified as an Opportunity Area in the London Plan, which is an area that London Mayor Boris Johnson has identified as having the potential to accommodate a substantial number of new jobs and homes. The Mayor's planning framework for the area, which includes part of neighbouring Vauxhall, predicts that up to 16,000 new homes and 25,000 new jobs will be created as the site is developed.
