Battersea Power station has been put up for sale on the open market in a package that includes an estimated £200M contribution to the Northern Line Extension.
This scheme pegs renovation costs of the Grade II listed former power station at £150M along with a £200M contribution towards the Northern Line Extension from Kennington via Nine Elms to connect the power station to the Tube network.
The nearly 16ha riverside site has been given permission for a £5bn regeneration programme by Wandsworth Council. It includes homes, offices, a hotel and retail and leisure developments – plus a new public park and is being touted as the last major undeveloped regeneration site in central London
“Battersea Power station is as iconic as the Chrysler Building in New York or the Eiffel Tower and familiar to people who may have never even been to London,” said head of residential development at Knight Frank Stephan Miles-Brown. “[Its] next owner will have to take a creative and long term approach to its future and we are excited that the open sale process will present just such a developer.”
The station was formerly owned by Treasury Holdings, which began suffering financial difficulties late last year. Ernst and Young appointed Knight Frank to sell the building.