Construction of the Battersea Power Station project is primed to begin now that the sale of the site, to the Malaysian consortium of S P Setia, Sime Darby and the Employees Provident Fund (EPF), has completed. Noticeable improvements to the derelict plot will be seen shortly with preparatory work scheduled to begin later this year and first ground broken in the second half of 2013.
The plans cover a full mixed-use redevelopment of the 39 acre site.
Phase One of the development will consist of multiple residential buildings containing a total of 800 apartments and standing above a commercial podium which will include retail, restaurants, gym, pool, spa, theatre and office studios.
A new six-acre park, open to the public, adjacent to the river and directly linking to the 200-acre Battersea Park next-door, will form the setting for the new buildings. This Phase will be self-contained and is designed by prize-winning and influential architects Ian Simpson Architects and de Rijke Marsh Morgan in accordance with the Rafael Vinoly masterplan.
The approved proposals to redevelop the 39-acre Power Station plot will include the completed regeneration of the Power Station, the largest brick building in Europe and one of the most significant surviving examples of Art Deco architecture.
The plans cover a full mixed-use redevelopment of the 39 acre site; including new homes, offices, shops, restaurants and hotels as well as community, cultural and leisure facilities and have been agreed by English Heritage and Design Council CABE.
For locals and visitors the development will mean better transport access and a wide range of shops and amenities including a library, health centre and riverside park. The consortium has also committed to supporting construction of the proposed extension to the Northern Line into the Nine Elms area.
This is a major part of the regeneration vision for the area and has extensive political support with the backing of the London 2 Borough of Wandsworth, the Mayor of London and the UK national government in its National Infrastructure Plan (published November 29, 2011).
The site was acquired, following an open market tender, for £400 million (approx. 506 million) through a special purpose vehicle known as Battersea Project Holding Company Ltd (BPHC) in which S P Setia and Sime Darby have a 40% stake each with EPF holding the remaining 20%. The finished project will be worth £8 billion (approx. 10 billion) and will generate significant contributions to the UK economy. The development will create about 26,000 jobs, both through direct and indirect employment, and training opportunities supported by a local employment agreement.
The President and Chief Executive Officer of S P Setia, Tan Sri Liew Kee Sin, said:
"Battersea Power Station is a wonderful building and both it and the centrally located Nine Elms area surrounding it are in need of regeneration.
As property developers we are very proud to be part of the team that will bring them back to life and ensure they are preserved for future generations. With the sale now complete, we can move forward with ou