Power station goes global for £8bn redevelopment
Just like the arrival of American investment funds to our commercial property market is a talking point now, the arrival of Irish property developers to the market in England – especially London –created a huge buzz in the 2000s.
Most notorious was Paddy McKillen's purchase of the prized London hotel assets of Claridge's, the Connaught and the Berkeley – but running a close second was the purchase of Battersea Power Station by Richard Barrett and Johnny Ronan in 2006.
After administration, the asset was bought by Malaysian investors, who it's understood first got wind of the potential of the site during informal discussions at a swish business awards do.
Now Battersea Power Station is coming out of hiding, and is being taken on a global 'tour' to attract the best businesses and retailers.
The project will have dates in 13 cities in 11 countries as the masterminds of the redevelopment seek out the best brands to set up home in the famous London site. Chief executive Rob Tincknell said it was vital to get the ingredients right for the "cocktail" that will form the huge development.
The £8bn project will involve transforming the 42-acre former brownfield site into homes, shops, cafes, offices and public space, including the restoration of the Grade II-listed power station. Architects include the award-winning Frank Gehry, and once complete the development is expected to see 25,000 people living and working on site, with 40 million visits anticipated each year.