Battersea Power Station: Courtesy of Battersea Power Station Development Company
Battersea Power Station Development Company
As you walk along the River Thames in Central London, just past the Houses of Parliament, you will see the unmistakable figure of the Battersea Power Station. One of Europe’s largest brick structures, and what is regarded as one of the finest examples of art-deco industrial architecture, its fluted white chimneys are a defining element of the London skyline. The 39 acre former industrial site has remained undeveloped for the past three decades, along with the neighbouring site along Nine Elms lane. However, this landmark is now set to blossom into a vibrant new neighbourhood, offering shops, cafes, restaurants, offices, green space and space for the arts, all within minutes of Chelsea.
British-based Battersea Power Station Development Company (BPSDC) was appointed to manage the redevelopment of Battersea Power Station by the consortium of Malaysian shareholders which owns the site. The consortium, made up of property groups SP Setia Berhad, Sime Darby Property, and retirement fund the Employees’ Provident Fund, purchased the site in September 2012 for £400 million. When finished, the development value of the project is expected to be £8 billion. The Power Station itself will be at the heart of the development, and will, for the first time, be open to the public. It will be accessed from a new High Street and Town Square to the south of the building, and a new 6 acre riverside park to the north.
The redevelopment will be served by a new underground station at Nine Elms and at Battersea Power Station, following confirmation of a loan from the UK Government. The new station will complement existing train and bus connections as well as new river bus services planned and an extended riverside walkway.
“Battersea Power Station is one of the world’s most famous buildings and it is now at the heart of Central London’s most eagerly anticipated new development,” says Rob Tincknell, Chief Executive Officer of BPSDC. “It’s going to be an exciting new destination for people living and working here, but just as importantly for visitors who simply want to spend time in the presence of this iconic building. The redevelopment will create 15,000 new jobs, 3,500 new homes and lead to the restoration of the historic Power Station. Construction of the first phase will get underway shortly, with repair works to the Power Station following later in 2013 and the first home-owners moving in towards the end of 2016. We expect the new tube station, the High Street and the Power Station to be in place by the end of 2019.”
Company: Battersea Power Station Development Company
Strength and stability
The redevelopment of the Battersea Power Station marks the Malaysian consortium’s first foray into Europe and adds to an already impressive portfolio of award-winning schemes in Australia, Vietnam, Singapore and China. There were various factors that attracted the Malaysian consortium to the site, including the tax and legal frameworks in place in the UK.
In January 2013, the sales campaign for the first phase of residential properties was launched in London. This was followed by exhibitions in Malaysia, Singapore and Hong Kong. Demand for the properties was such that three quarters of the units sold within a few days of going on sale.
“London is a global city,” says Rob. “It’s where people come from all over the world to live, learn, work and play, making it one of most desirable locations to have a home. It’s clear that people want to live in the grounds of the iconic Power Station and appreciate the design and specification we are offering. Such was the demand that buyers in London were queuing for hours before the doors opened on the first day.”
Battersea Power Station and UKTI first crossed paths early in 2012 and have maintained a close working relationship since. In May 2013, UKTI organised the Government’s Global Investment Conference, the first of a series of global business summits held in London to showcase the UK during the Olympic and Paralympic Games in 2012. UKTI suggested that BPSDC use the occasion to highlight the development in front of leading business people at which the guest speakers included the Prime Minister and Mayor Boris Johnson.
“The UKTI conference was a terrific opportunity for us to showcase the Battersea Power Station development in front of leading business professionals, opinion-formers, and prospective customers,” says Rob. “We work closely with UKTI and have found their support to be invaluable. Any company looking to bring in overseas investment or looking for opportunities to invest in the UK should certainly have a conversation with UKTI.”