Battersea Power Station - SOLD!

Posted: 10/07/2012

Battersea Power Station, located on the South bank of the River Thames in London is a decommissioned coal fired station which was built in the 1930s but ceased generating electricity in 1983. Battersea Power Station is a Grade II Listed Building and has made many cultural appearances recently featuring in the video for Take That’s ‘The Flood’ and in the past, the Beatles have used the site for their movie ‘Help!’

Since its closure, many redevelopment plans have been dreamed up including a theme park by the consortium who built Alton Towers Ltd. The cost was estimated at £35 million and would require 2 million visitors a year to make any profit. However, the scheme did receive planning permission in May 1986 and the redevelopment began the same year. Unfortunately, the project ground to a halt in 1989 due to a lack of funding. Huge sections of the building had been removed including the roof so machinery could be taken out. This meant that the foundations became prone to flooding and the framework was exposed to the mercy of the elements.

The second proposal came in 1993 when the Bank of America bought the site for £10 million including an outstanding debt of £70 million and planned to build housing, a leisure complex and a retail sector. The work began on the £1.1 billion Parkview proposal in 2003 after full planning permission was granted. The Battersea Power Station Community Group criticized the plans and argued for an alternative and the development ceased once again.

Many other proposals arose including a London Underground extension, Biomass power station, an Eco-dome and more recently, a new stadium for Chelsea Football Club. The proposals for the stadium meant it would hold between 65,000 to 75,000 fans and featured a retractable roof. However, Battersea Power Station has finally been bought by Malaysian developers SP Setia for £400 million along with the £325 million debt and £100 million contribution to the northern line extension.

SP Setia plans to develop the site with an £8 billion fund and will build 3,500 new houses, 1.7m sq ft of office space and shops which will take 15 years to complete. British investors have been criticized for their lack of interest but on the other hand, it has proved that London can attract foreign interest.

Do you think that Battersea Power Station will finally be developed and finished in 15 years time or do you believe that SP Setia’s plans will become the latest addition to the ever lengthening list of failed projects?

Amanda McGovern, Pali Ltd
www.paliltd.com

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(0) Comments London, development, redevelopment, homes, proposal

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