Malaysians buy Battersea Power Station
A buyer has finally been found for major London landmark Battersea Power Station. The highly recognisable power station last closed its doors in 1983 and has since stood derelict on the River Thames. Over the years, various architects have leant their talents to the project, the latest being Rafael Vinoly’s New York office whose concepts will be used as a base for the agreed redevelopment. The estimated Gross Development Value of the 15-year project is approximately £8bn.
Battersea Power Station has been purchased for £400m by a Malaysian consortium consisting of SP Setia, Sime Darby and Employees Provident Fund (EPF) with SP Setia and Sime Darby taking 40% of a new holding company and EPF taking a 20% share. Tan Sri Liew Kee Sin, President and CEO of S P Setia explained: “The Battersea Power Station site is undoubtedly London’s most important and central urban regeneration site. This is truly a golden opportunity for the partners to make our mark as global property players.”
The consortium’s plans - which have beaten out proposals from Chelsea Football Club to transform the power station into a football stadium - suggest incorporating the renovation and conservation of this listed landmark into the redevelopment of the Vauxhall, Nine Elms and Battersea areas of England’s capital. The new complex will include residential and commercial units located around the main power station building with its iconic white chimneys and brick base.
Sharing the Malaysian parties’ development vision for the project, Liew continued: “The Opportunity Area is expected to create 25,000 new jobs and the Power Station building will be at the heart of it all, so it is important that this iconic and renowned Grade II*-listed structure is properly restored and brought back to its old grandeur. We also believe that the construction of the Northern Line extension is fundamental to the success of this regeneration project. As such we intend to actively support Transport for London and Wandsworth Council in their efforts to implement and make this essential infrastructure a reality.”