Battersea Power Station has been officially acquired by a Malaysian property consortium for £400m.
The new owners, Sime Dary Berhad, SP Setia Berhad and the Employees Provident Fund officially entered into an agreement on 4 July to form the new Battersea Project Holding Company overseeing the site’s redevelopment over the next 15 years.
The trio are working to an approved masterplan, drawn up by architect Rel Vinoly, which will transform the 15.8 hectare site into a mixed development comprising residential and commercial units while preserving the iconic power plant building and chimneys.
The site’s gross development value is estimated at £8bn, and the work is expected to create 25,000 new jobs, SP Setia President and CEO Tan Sri Liew Kee Sin said. Plans are also now underway to extend the Northern Underground line to provide two additional stations within the redevelopment area.
“The Battersea Power Station site is undoubtedly London’s most important and central urban regeneration site,” he said. “This is truly a golden opportunity for the partners to make our mark as global property players.
“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.”
The news comes four weeks after Sime Darby and SP Setia entered into an exclusivity agreement with Battersea Power Station’s joint administrators and receivers after being named as preferred bidders for the site.
Their successful bid scuppered Chelsea Football Club’s plans to build a 60,000-seat stadium at Battersea.
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