London’s once iconic Battersea power station is set to be transformed after numerous failed attempts to redevelop the decaying site.
After buying the land in July, a Malaysian consortium has unveiled ambitious plans that could finally see Battersea transformed into a giant office, shopping and living space.
It will take 15 years to redevelop the 16 hectare site including an extension to London’s tube network.
The Battersea power station was built 80 years ago but has been unused for the last three decades.
It is protected under UK heritage laws which means that its four art-deco chinmeys will have to be rebuilt in the same style as the originals by the new owners.
Rod Tincknell, the CEO of Battersea Power Station Development company is betting that wealthy Asians will buy apartments and multi-national corporations will compete for office and retail space.
“I think London is global city, Battersea power station is a global project, so we’re going to be looking to the entire world for new residents, office occupiers, retailers, you name it and I’m confident that the demand is there,” said Tincknell.
Earlier this year, Chelsea football club’s plan to build a new stadium at the site failed after a bid by Russian owner Roman Abramovich was seen as not competitive.
Critics warn that in London’s depressed commercial property market, much of the redeveloped site – just like now – could sit empty for years.