Battersea Power Station regeneration to go to planning
A planning application for the £4 billion transformation of Battersea Power Station creating 2,500 construction jobs will be submitted to Wandsworth Council in the coming months.
Around 200 potential investors from around the world attended an event at the power station last night to hear about opportunities to invest in London’s largest regeneration area.
Wandsworth Council unveiled a new investment prospectus for the 450 acre Nine Elms regeneration site at the event.
A planning application will be submitted in the spring for a scheme to rejuvenate the area including eight million sq ft of residential, office and retail space as well as a six acre public park and riverside walk.
Battersea Power Station owners Real Estate Opportunities – a listed company managed by Irish developer Treasury Holdings – says it wants a construction firm involved as soon the outline proposal is approved to assist with some “technical solutions” for the major project.
Around £150 million will be spent on restoring the power station to include shops, cafes and a new energy museum.
Central to the project’s success are plans for the first privately-funded extension to London’s underground network with a new branch off the Northern Line from Kennington going west to Nine Elms and then Battersea.
The planned route – a study for which has been completed by engineering consultants Mott MacDonald – would cost almost £350 million to build, and would be paid for by REO and other significant landowners in the Nine Elms Opportunity Area.
Depending on the speed of the planning process Treasury Holdings are hoping construction work can begin in 2011.
A consultation process launched in June 2008 has revealed 66 per cent of the general public is in favour of the plans to redevelop the site.
Earlier this month Treasury Holdings confirmed it would ditch its 300 metre high eco-dome at the site and replace it with smaller towers.