Battersea Power Station up for £500m sale
Giles Gilbert Scott’s disused Battersea Power Station will be offered for sale on the open market for the first time next week
Property consultant Knight Frank has been appointed to handle the sale for administrator Ernst and Young.
Wandsworth council announced in December that the site would go up for sale and is expected to take nine months to complete, reported sister title Construction News.
Council and TfL officers have insisted that there are several buyers already interested in the 55-acre power station site, which is located within the Vauxhall, Nine Elms, Battersea Opportunity Area - the largest regeneration zone in central London.
Stephan Miles-Brown, Knight Frank head of residential development said: ‘This is the first time Battersea Power Station (BPS) has ever been offered for sale on the open market. As one of the UK’s most recognisable landmarks, Knight Frank anticipates considerable interest in a scheme that is among the most exciting in the world today. BPS is as iconic as the Chrysler Building in New York or the Eiffel Tower and familiar to people who may have never even been to London.
‘The building is also the figurehead for one of London’s most ambitious regeneration programmes (Nine Elms), and gives the entire area a unique sense of place as well as putting it on the map. The scheme combines a 39.1 acre freehold site in a prominent central London riverside location and will include London’s first new public park for many years.
‘BPS’ next owner will have to take a creative and long-term approach to its future and we are excited that the open sale process will present just such a developer.’
The site is owned by administrators Ernst & Young following the collapse of an Irish-backed scheme in 2011 and bids of up to half a billion are being sought for the site.
A report by EC Harris this month found that knocking down the site’s famous chimneys would be worth up to £470 million more to a developer than retaining the iconic London landmarks while Sir Terry Farrell submitted a Battersea application (pictured) earlier this month.
The Northern Line extension is set to receive £200 million through S106 contributions on the back of the power station redevelopment. The Northern Line project was listed by George Osborne as a priority scheme during the autumn statement.
Last week, Terry Farrell and Partners announced plans to submit a fresh planning application for Battersea Power Station as part of a bid to save the brick icon from total demolition.
The speculative, self-funded scheme resolves the ‘prohibitive costs of refurbishing the power station’ by clearing away all but the front and back walls and art deco control rooms. According to Farrell the plans would be free for any future developer to use if approved.
The feasibility and cost of restoring the landmark has been increasingly questioned in recent months after Rafael Viñoly’s £5.5 billion scheme to revamp the building as part of a mixed-use masterplan hit the buffers late last year.