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.