Chelsea FC loses Battersea Power Station bid

Chelsea Football Club has lost its bid to redevelop Battersea Power Station into a 60,000 capacity stadium.
 
According to a report in The Guardian Malaysia’s SP Setia and Sime Darby have won the rights to redevelop the site, over 15 bidders who submitted plans last month to buy the protected 15-hectare site on the south bank of the river Thames.
 
Battersea Power Station has been the subject of repeated failed redevelopment attempts in the three decades since it shut.
 
The Malaysian property companies have inked an exclusivity agreement with Alan Bloom and Alan Hudson of Ernst & Young, the joint administrators and receivers, to acquire the site for £400m, SP Setia and Sime Darby said in a joint statement on Thursday.
 
The deal marks SP Setia’s first foray into Europe and adds to its residential schemes in Vietnam, Singapore and Malaysia. The Malaysian companies said the redevelopment of the site would revive south-west central London and plans include a new underground train station as part of the proposed extension of the northern line of the London network.
 
The site came on to the market after a £5.5bn plan by the Irish developer Treasury Holdings for homes, shops and offices collapsed in December.
 
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