Out-Law News 1 min. read
07 Jun 2012, 2:43 pm
Following formal marketing of the site in February this year the two investors have entered into an exclusivity agreement with the administrators and receivers, Ernst and Young, to acquire the site for £400 million.
In a joint statement, SP Setia and Sime Darby Property have said that their plans "involve the development of a sustainable multi-use real estate regeneration project that will provide economic impetus for the creation of a new vibrant centre for south-west central London”.
The consortium added that it plans to "preserve the facade of the historical power plant with its iconic chimney stacks", and confirmed its commitment to the construction of a new underground station. The new station, which will form part of the proposed extension to the Northern Line, is considered "fundamental to the success of this regeneration project" the consortium said.
The news that a preferred bidder has been chosen has reportedly been welcomed by Wandsworth Council. The Council's programme director for Nine Elms, Helen Fisher, said that 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".
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.
Whilst the Daily Telegraph has today reported that SP Setia and Sime Darby Property are planning to implement the £5.5 billion approved development, other sources have stated that is it not yet clear whether amendments will be made to the consented scheme.
Unsuccessful bidders included Chelsea Football Club whose proposal included a 60,000 capacity stadium.
The former power station is Europe's largest brick building and is Grade II listed. It has been vacant since it was decommissioned in 1983.
