Battersea power station is to be put on the stock exchange in a bid to raise money for redevelopment.
The 40-acre building, owned by property group Real Estate Opportunities, has been empty for over 25 years. The Irish firm is searching for a shared partner to involve in a proposed scheme, which will cost £4.5 billion.
A shortlist of possible investors has been drawn up and the firm has applied for planning permission to build 1.6 million square feet of office space, shops, restaurants and 3,700 homes on the site.
The high construction costs of the suggested build would require a partner. Robert Tincknell, who runs Treasury Holdings, which is the parent company of REO, said the firm needs “someone who can bring big financial strength to it to make sure it happens”.He added that the development scheme is, “an opportunity to turn the power station into a cultural icon for London. A year ago, people were saying ‘it’s not going to happen’. That’s changed enormously over the last 12 months, with the planning permission having gone in and the support we have”.
He continued: “We are reasonably confident that planning consent will occur in the third quarter of this year”.
Two previous plans submitted by the property firm were quashed after Mayor Boris Johnson believed it would ruin the scenic views from Waterloo Bridge to the Palace of Westminster, according to The Guardian. He is now believed to be on board with the news plans.
Construction will begin in September if plans are approved.