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No stadium on Battersea likely, says preferred bidder

Battersea Power Station is likely to be developed in line with the already consented scheme, which includes residential, commercial and retail space, said SP Setia and Sime Darby Property, the preferred bidders for the development. 12 Jun 2012

The chief executive of SP Setia Liew Kee Sin also said the £400 million bid which secured the Malaysian consortium's status as preferred bidder represents "good value", according to a report in The Daily Telegraph.

The consortium beat over a dozen bidders to become the preferred bidders to redevelop the power station site in south-west London.  

Following formal marketing of the 38-acre site in February this year the two investors entered into an exclusivity agreement with the administrators and receivers, Ernst and Young, to acquire the site for £400 million.

The consortium now has one month to complete due diligence and agree the final terms of the deal.

“The pricing is quite competitive and it's a good time to invest in the UK," said Mr Liew, according The Daily Telegraph report. “It's iconic – everyone in London knows the site so we don't need to reinvent the wheel. Even Malaysians know about it. "

Chelsea Football Club had planned to build a 60,000 capacity stadium on the site but said that, despite not winning the bidding process, a Chelsea stadium becoming part of the Malaysians' redevelopment plans has not been ruled out.

The consortium has not completely ruled out the possibility of including a stadium on the site, but said it needs to talk to talk to local councils, the Mayor of London and Transport for London to gauge expectations.

“I don't want to say anything right now, but from what I know, from what I read...a stadium is out of the question," said Mr Liew, according to The Daily Telegraph report.

Wandsworth Council has previously granted approval for redevelopment of Battersea Power Station.  The approved scheme comprises 3,400 private and affordable homes; 160,000 square metres of new office space; 56,000 sq m of retail space and 9 hectares of public realm.  

"We need to speak to the respective councils about what is and isn't possible. For now we're committed to following the [agreed] plan which is residential, commercial, retail and social housing".

"This is an important step forward in securing the long-term future of this exciting new district of London and in delivering the Northern Line Extension," said Helen Fisher, Nine Elms programme director. "From a development perspective there is lots happening on a daily basis across Nine Elms and the confirmation of a preferred bidder for the power station adds to the momentum.  It is an exciting time in the capital."