The Malaysian owners of Battersea Power Station will finally take ownership of the 39 acre site this September and are due to start work on the historic landmark next summer after securing planning permission way back in 2008. Industrial conglomerate Sime Darby and the country’s Employees’ Pension Fund are also part of the ownership through a joint venture.
The vast redevelopment of the site is now valued at £8bn and includes 3,500 new homes, 1.7m sq ft of office space and a hotel. It was all unveiled at the first of the Government’s Global Investment Conferences in Central London. Once work begins, around 20,000 construction workers will work on the site.
The Grade II listed power station has been derelict for the past 30 years and has since been rumoured for a number of redevelopments one even being a theme park however past owners have been unable to raise enough funding.
If the new owners successfully complete the scheme, Wandsworth Council say a further £200m has also been pledged to fund a two-station extension to the Northern Underground Line, creating 25,000 jobs overall and unlocking billions in growth across the wider Nine Elms area.