Property company Real Estate Opportunities have signed an agreement with their lenders that means the company can go forward with its plans for Battersea Power Station.
The redevelopment plans include over 2.3 million square feet of office space, 3,700 new homes and a retails complex.
The iconic Battersea Power Station is a grade II listed structure and has stood empty since 1983 when it ceased generating electricity. Several companies have tried to restore the factory and make use of its space, however up until now no one has been successful.
The new agreement is good news for REO, who have been searching for funding for the project since they purchased it in 2006. “Battersea Power Station is our standout project but now we need a major international partner, We have had lots of expressions of interest, from sovereign wealth funds, private equity firms and even some pension funds,” commented REO managing director, Rob Ticknell.
The company now need to wait for their plans to be approved by Wandsworth Council. However, they do have the support of the London mayor,“Nine Elms will be quite possibly the most important regeneration story for the whole of London over the next 20 years. We want to use the opportunity of this fantastic new development to put in two new stations on the Northern Line,” commented Mr Johnson.
Battersea Power Station has been used a location for many films including The Dark Knight and Monty Python’s The Meaning of Life and is also featured on the Pink Floyd ‘Animals’ album cover.