Out-Law News 1 min. read
05 Sep 2012, 5:21 pm
The consortium, which includes SP Setia, Sime Darby and the Employees Provident Fund, will start preparatory work on the £8 billion redevelopment now and plans to start building the first phase of the development in mid 2013.
The new owners have appointed former Treasury Holdings managing director Rob Tincknell as chief executive of the newly formed joint venture Battersea Power Station Development Company.
The first phase of the proposed redevelopment includes plans for up to 800 new flats which would be above a commercial podium including retail space, restaurants, a gym, a theatre and office space. The scheme has been designed by Ian Simpson Architects and de Rijke Marsh Morgan, in accordance with the Rafael Vinoly masterplan.
The development plans also include a new six-acre public park adjacent to the River Thames, which will link directly into Battersea Park.
"Today's announcement is a significant step forward in the transformation of Nine Elms on the South Bank," said Wandsworth Council Leader, Ravi Govindia. "The district-wide regeneration programme will be one of the greatest sources of new jobs and homes in the country over the next few years. The redevelopment of the power station site has an important role to play and is key to funding the Northern Line Extension."
The Power Station is Grade II-listed and is the largest brick building in Europe. Wandsworth Council granted outline planning permission for the power station scheme in 2011. The consortium is expected to submit a detailed application for the first phase of development in October this year.
