In February 2012, Battersea Power Station was put up for sale for the first time in its history. Nama called in loans held by Treasury Holdings’ Real Estate Opportunities (REO) an Irish Development company owned by the flamboyant Irish property Tycoon Johnny Ryan. It was a sad day for Johnny as it was his vision that created the current plan for the Power Station. He would have loved to have developed it himself but unfortunately the downturn in the Irish Property market prevented him from raising the necessary finance.
The new owner was expected to pay £500 million for the power station, including £325 million to cover the debts held by Nama, and a £100 million contribution to the northern line extension. On 7 June 2012, Knight Frank entered into an exclusive agreement with Malaysian developers SP Setia and Sime Darby for the purchase of the site. The Restoration of the Grade II* listed Power Station was an early priority in the development which commenced in 2013.
There are many people including in the local area who do not agree with the development of the power station. The plan is to have a mix of shops and residential within the main power station and blocks of flats surrounding it. The critics say that you wont be able to see the power station as there are so many flats and the power station will be turned into a giant Westfield. They also criticise the fact that most of the flats will be sold to foreign buyers.
At Kilkern, www.kilkern.co.uk we are very pleased to be involved with this exciting project. We are currently recruiting for Project Managers and Engineers and Designers for Mechanical and Electrical building works on the Battersea Power Station development. These works are expected to last through to 2020. We are getting exceptional levels of interest in these jobs due to the high profile nature of the project. We were lucky enough to visit the construction site today and had a tour from one of the Project Directors. We were amazed at the size of the project and could see how incredible it is going to be when its finished.
Kilkern believe if London is going to continue to be at the forefront of urban regeneration then it has to access private funds to finance the redevelopment. The easiest way to do this is through the sale of the flats. This redevelopment is good for society as it puts money back into the economy. It’s a pity more local people cant afford the flats but its futile complaining about market forces. If people are happy to pay £50million for a flat then on the day of purchase the flats worth £50m. Rather than complain about the price we need to look at ways to get more English people to be able to afford a flat at that price.
The Malaysian Development company behind the development is confident of completing the first of its seven-phase, £8billion Battersea redevelopment project by October next year. They actually want to use Battersea as the launchpad for future projects in the UK and Europe.
Architects recently unveiled plans for an amazing new hotel with rooftop infinity pool at the Power Station. The hotel will be run by Amsterdam-based group art’otel.
The outdoor swimming pool, which overlooks power station and the Thames beyond, will sit on top of the 160-room hotel, a block designed by Architect Fosters as part of the redevelopment of the 17-hectare Battersea Power Station plot. We believe this plan rivals anything to be seen in New York. Its exactly the type of cutting edge design, blending new with old that London should be proud to be at the forefront of.
Kilkern, www.kilkern.co.uk look forward to supporting the redevelopment of Battersea and are proud to be involved in this and other urban regeneration projects throughout the capital supplying labour hire and construction recruitment services.