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New report shows developers could save £450m+ by flattening Battersea Power Station

Reuters has released the results of an analysis it commissioned from property consultancy EC Harris for Battersea Power Station in London which suggest that by demolishing the entire building - including its four chimneys - developers could make in excess of £450m.

The firm explains: “EC Harris calculates that after demolition and based on current density plans for housing, a developer could build 1,200 apartments where the building stands and sell them for an extra £470m pounds. Flattening Europe’s largest brick structure and its four chimneys would save estimated renovation costs of about £500m, roughly equivalent to the cost of demolition and apartment construction combined.”

Various ambitious schemes for the heritage building have emerged over the years, with the latest - Rafael Vinoly Architects’ design for Real Estate Opportunities - falling through at the last hurdle in November 2011. Chelsea football club are also considering transforming the site into a 55,000-60,000 capacity stadium.

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