The £5.5 billion redevelopment of Battersea Power Station in London has been given the green light following approval from the UK government’s communities secretary.
Treasury Holdings plans to redevelop the site with 10 million square feet of office space, shops, hotels, a conference centre and 3,400 homes.
The approval marks the final stage in the planning application process, which means that construction could now start as early as 2012. The project is expected to take more than 10 years to complete, create more than 15,000 jobs and provide 500 affordable homes.The development will be the largest ever in Central London.
The project will also include a new underground station on the planned extension of the Northern Line from Kennington to Nine Elms and Battersea.
The power station, which lies on the south bank of the Thames, has remained unused since it was decommissioned in1983. The iconic structure is the largest brick building in Europe, and is Grade II listed.
Treasury Holdings said the development would create a “vibrant new community” and serve as a catalyst for the regeneration of the Nine Elms Opportunity Area. However, the plans are dependent upon the company securing capital to finance the project.
Commenting on the announcement, Rob Tincknell, managing director of Treasury Holdings, said: “We are delighted to have received final approval for the scheme and would like to thank the local community, Wandsworth Council, the Mayor of London, and the Secretary of State for their support and valuable engagement throughout the process.
“Following productive talks with a number of potential investors, we now look forward to bringing an investment partner on board and commencing with the development of the site and the regeneration of the power station.”
Treasury Holdings owns 65 per cent of Real Estate Opportunities, the company which purchased the site for £400 million in 2006.
