Battersea gets £8bn overhaul
The redevelopment of Battersea Power Station, one of the best-known sights on the London skyline and previously owned by the Republic’s bad bank Nama, will begin later this year, its new owners have said.
The Art Deco 1930s power station and its instantly recognisable concrete chimneys are to be regenerated to form the centre of an £8bn redevelopment of the 39-acre site on the south bank of the River Thames.
Preparatory work for the plan to build 3,500 homes, 1.7 million square feet of office space, shops and a park, will begin later this year, creating up to 26,000 new jobs, with ground broken in the second half of next year, the Malaysian consortium behind the plans said.
The group bought the site for £400m earlier this year, scuppering the plans of Chelsea Football Club, which considered the site for a new stadium away from its Stamford Bridge ground.
Tan Sri Liew Kee Sin, president and chief executive of SP Setia, which with Sime Darby and the Employees Provident Fund (EPF) make up the consortium, said there were also plans to build a Tube station on the premises that would link to the Northern Line.