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BATTERSEA POWER STATION TO BE SOLD AGAIN

Battersea Power Station in London has once again been put up for sale, after the latest plans for its development were cancelled. The BDA has been following this story closely as Battersea Power Station is one of London’s most beautiful, traditional Brick buildings.

Offers for the site are likely to be accepted during the first quarter of this year, although administrators claim that finding an actual buyer might take about nine months.

Battersea Power Station, which is said to be the largest brick building in the world and is an icon of the UK’s Industrial era, has planning consent for a multi-purpose development but the previous owner, Real Estate Opportunities (REO), admitted it could not repay over £500m of outstanding loans.

As a result, the National Asset Management Agency (NAMA) took control over the project and appointed Ernst & Young to take care of the sale. It is difficult to estimate the 40-acre site’s price but experts believe it could reach £500m, which would be split up between project lenders NAMA, Lloyds Bank and property investor Victor Hwang.

Ernst & Young, together with estate agent Knight Frank, will do their best to find a potential buyer for the site.

Battersea Power Station has received planning permission for an eight million square foot development, including 3,400 homes, a shopping centre and a Tube station.

Media rumours suggest that Russian billionaire and Chelsea Football Club owner Roman Abramovich and Malaysian property development company SP Setia might be interested in the project.