€10 billion London project approved
By Helen Wright14 December 2012
Detailed plans for the first phase of the £8 billion (€10 billion) Battersea Power Station redevelopment project in London, UK, have been approved – giving developers the green light to start construction in 2013.
The ruling from Wandsworth Council’s planning applications committee means that the site’s owners – a Malaysian consortium of SP Setia, Sime Darby and the Employees Provident Fund (EPF) – can press ahead with the project.
A key landmark in London, the currently dilapidated Battersea Power Station will be regenerated and 800 apartments added in the first phase, along with shops, restaurants other amenities. The Malaysian consortium bought the 39 acre (198296 m2) site in south-west London earlier this year for £400 million (€493 million), and plans to build 3,500 homes, offices, shops and a park.
Wandsworth Council planning chairman Nick Cuff highlighted wider infrastructure development potential in the area, “The [approval] decision is another important step towards extending the Northern Line to this site and comes just days after the Government announced it will underpin this vital infrastructure project with a £1 billion (€1.2 billion) loan guarantee.
"This council has worked long and hard to bring the Tube to Battersea and to realise this area's enormous potential. We are now within touching distance."
Earlier this month, George Osborne, UK Chancellor of the Exchequer, confirmed during his autumn statement that the government would provide the £1 billion (€1.2 billion) loan guarantee to extend the Northern Line underground rail line in London to Battersea Power Station, supporting the Battersea redevelopment.
The proposal would create two new Tube stops – one on Wandsworth Road, the other at Battersea Power Station. If planning approval is obtained then construction of the Northern line extension could begin in 2015. Trains could start running in 2020.