BT plans to draw up a "major development scheme" for the site that would include a "significant" amount of residential development, before marketing the site for sale, according to Industry reporter CoStar.
The 700,000 square feet exchange building is located in Battersea, within the Vauxhall Nine Elms Battersea Opportunity Area (VNEBOA), which the Mayor, in collaboration with Lambeth and Wandsworth Councils, has earmarked as suitable to support the building of 16,000 new homes.
The telecoms company is understood to have appointed property consultants CBRE to act as its adviser on bringing forward the plans for the site, formerly the world's largest, digital international telephone exchange.
It is understood that BT will decommission the building by July 2014 and CBRE will work alongside it on drawing up a major development scheme that will include a significant residential element before bringing it to the market for sale, according to CoStar.
The site is highlighted in the VNEBOA planning framework (156-pages / 10MB PDF) as suitable for "high density mixed use focal point for office retail and housing", These areas will be the focus for new commercial developments including office and retail uses and will also bring forward a significant element of housing, the framework said. The site is also highlighted as suitable for proposed residential intensification.
