Chancellor George Osborne has thrown his backing behind the £750 million proposed extension of the Northern Line to Battersea Power Station in south London
His support for the project emerged ahead of tomorrow’s Autumn Statement which is set to feature a £30 billion infrastructure investment package aimed at boosting the UK’s struggling economy. In June 2010 Studiodare unveiled plans for a Northern Line train station serving the Grade II-listed Battersea Power Station.
Osborne is now understood to be planning a range development incentives including creating Enterprise Zone around the Giles Gilbert Scott-designed building.
He reportedly also expects construction of the London Undeground Northern Line extension to commence in 2015.
A Treasury source told the Evening Standard: ‘The entire weight of the Government is being thrown behind the extension of the Northern line.’
Ravi Govindia, leader of local authority Wandsworth Council, said: ‘The Northern Line Extension will turbo-charge the regeneration of Nine Elms, creating 16,000 new homes and 25,000 jobs. It will deliver billions in growth for the wider economy and draw new investment to this part of the city.’
A independent report revealed by the council last week argued the two-station tube extension could generate approximately £4.5 billion in tax receipts for the Treasury.
The 180 hectare Vauxhall Nine Elms Opportunity Area is expected to feature 16,000 new homes and 25,000 new jobs.
Projects within the zone include Kerian Timberlake’s proposed new US Embassy building and residential scheme by Rogers Stirk Harbour + Partners and Rolfe Judd.
Last week it emerged Chelsea Football Club had hired KPF to investigate the potential for building a 60,000-seat stadium at Batteresa Power Station. Last year, planning permission was granted for a £5.5 billion Rafael Vinoly-masterplanned redevelopment of the iconic brick structure, however construction has yet to start on site.