A €7 BILLION plan by Treasury Holdings to redevelop one of London’s most iconic sites, Battersea Power Station, which closed nearly 30 years ago, has been given final approval by the British government.
Treasury’s principals, Richard Barrett and Johnny Ronan, are now seeking a buyer for a 50 per cent stake for their debt-laden Jersey-registered company Real Estate Opportunities so that the 10-year plan to build 3,400 homes and 3.5 million sq ft of commercial space can begin in 2012, creating 15,000 construction jobs.
The development of the Battersea site, which has defeated a number of property developers before, is central to the regeneration of the south bank of the Thames between Chelsea and Vauxhall bridges, an area known as the Nine Elms. The US embassy is to move from its Grosvenor Square location to a separate site nearby in 2017.
The Battersea development, which was approved by Wandsworth Council last November and has been backed by the mayor of London, Boris Johnson, could have been held up by the secretary of state for communities and local government, Eric Pickles, but he decided yesterday not to query the planning application.
Two London Underground Northern Line stations are to be built, one serving the 40-acre power station site and another at Wandsworth Road, serving the eastern part of Nine Elms.
Last night Wandsworth Borough Council described Mr Pickles’ decision as “excellent news”.
“The scheme will secure the future of one of London’s best loved landmarks . . . Thousands of badly-needed homes and jobs will be created across the site, and the Northern Line extension will breathe new life into this part of central London,” said the chairman of the council’s planning committee Cllr Nick Cuff.
