The extension of London Underground’s Northern Line is back on track after a £400M Malaysian bid was named preferred bidder for the Battersea Power Station site.
Administrator Erns & Young opted for a joint bid from Malaysian property developers SP Setia Berhad and Sime Darby Property Berhad over a bid from Chelsea FC.
The duo’s plans involve the development of a sustainable multi-use real estate regeneration project. The plans will preserve the facade of the historical power plant with its iconic chimney stacks. In addition, the companies have committed to the construction of a new Tube station as part of the proposed extension of the Northern Line which shall pass by the site. This is viewed as fundamental to the success of the regeneration project.
SP Setia and Sime Darby Property have entered into an exclusivity agreement with the administrators on behalf of the owners of the property to acquire the site for £400M. They now have up to 28 days to carry out any further due diligence and investigations as may be deemed necessary, and to negotiate the contract for the acquisition of the property on terms and conditions acceptable to the parties.