Battersea Power Station to go on sale early next year
Batterseas Power Station is set to go on the market early in the new year, according to Wandsworth Borough Council.
According to the AJ’s sister publication Construction News, project administrators Ernst & Young expect the sale of the Grade II*-landmark, and with it an existing planning consent for a Rafael Viñoly-designed redevelopment (pictured), to take up to nine months to complete.
The site was taken over by the insolvency practitioners after its previous owners, two subsidiaries of Real Estate Opportunities, were placed into administration last week.
Wandsworth council said a number of major players have already registered an interest in buying the 55-acre power station site, which is located within the Vauxhall, Nine Elms, Battersea Opportunity Area - the largest regeneration zone in central London.
The Northern Line extension is set to receive £200 million through S106 contributions on the back of the power station redevelopment.
Ravi Govindia, leader of Wandsworth Council, who met with Ernst & Young representatives yesterday, said: ‘This is one of the biggest opportunities in Nine Elms. It comes with planning consent for 750,000 square metres of development including a new town centre, 3,400 new homes and a government backed-plan for a new Tube connection.
‘The planning framework here is based on the delivery of two new Northern Line stations. This is key to creating 25,000 new jobs and unlocking billions in growth and new inward investment throughout the wider Vauxhall Nine Elms area.
‘We are excited about the prospects for this prominent site and look forward to working with Ernst & Young as they seek a buyer with the commitment to take this forward.’
The REO companies were placed into administration after Lloyds and Ireland’s National Management Asset Agency launched action to recoup £324m of debt incurred by REO during the purchase of the site.
Last week the AJ broke the news that Rafael Viñoly had begun collaborating with KPF on an alternative proposal, backed by developer Almacantar, to potentially build a 60,000-seat stadium for Chelsea Football Club on the riverside plot.