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Battersea Power Station revamp to start next summer

The Battersea Power Station redevelopment will start next summer and is expected to be worth £8bn and create 20,000 construction jobs, the government has announced

It will involve homes, office space, a hotel, retail space, and an extension to the northern line with a new transport hub at the power station. 13,000 permanent jobs are expected to be created, reported sister title Construction News.

The project will be delivered by SP Setia, Sime Darby and the Employees Pension fund of Malaysia. Work is expected to begin next summer, with a £400m investment due by September 2012.

The details come as the so-called ‘Business Olympics’ kick off at Lancaster House, with the Global Investment Conference taking place today.

The event is one of 17 such summits to be attended by 4,000 British and international business delegates during the Olympic Games. They are aimed at fostering investment and showcasing British capabilities across sectors.

Speaking on the BBC’s Breakfast programme this morning, David Cameron urged the government ‘to do more, we’re going to roll up our sleeves and do everything possible to get business going in Britain, to get housing going, to get jobs going.’

London mayor Boris Johnson said: ‘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.’

‘In the coming weeks, with major global investors in town for the Games, I am embarking on a gigantic schmooze-athon, to highlight this and the wealth of other amazing investment opportunities that exist. 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.’

The Malaysian consortium pipped Chelsea football club, who had proposed to turn the site into a new stadium.

The government hopes to drum up £1 billion worth of business and projects, as figures released today show that the number of jobs created by inward investment in the UK jumped by a fifth this year, to 52,741.

Any additional business will be welcomed by the construction industry, which yesterday was revealed to have shrunk 5.2 per cent in the last quarter.

Deputy prime minister Nick Clegg called the Games a ‘once in a lifetime opportunity to boost the UK’s growth potential’, particularly in green technology.

‘I’m looking forward to meeting the world’s political and business leaders over the coming weeks to showcase Britain.’

Business secretary Vince Cable said: ‘Tomorrow we welcome the world to London as the 2012 Olympic Games get underway. This summer is more than just a great sporting spectacle - it is an unrivalled opportunity to promote the best of British industry and make the most of our openness to foreign trade and investment.’

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