Sale Of Battersea Power Station Takes Step Forward

New proposals welcomed by Boris Johnson and Richard Tracey AM

Joint Administrators controlling Battersea Power Station have chosen a preferred bidder to acquire the site with the potential to deliver major economic growth to the capital now and in the future.

The Joint Administrators, Alan Bloom & Alan Hudson, partners at Ernst & Young LLP, have accepted a joint bid by Malaysian property developers S P Setia Berhad and Sime Darby Property Berhad and entered into an exclusive agreement to take forward detailed negotiations towards a timely sale of the site and associated land by early July.

This famous and iconic landmark has languished for decades, exchanging hands many times, holding up development and regeneration of the wider Vauxhall and Nine Elms district, identified as one of the Mayor's key Opportunity Areas for growth.

Crucially these developers are committed to the construction of a new underground station as part of the proposed extension of the Northern Line. This is vital to unlocking the potential of the capital's newest district to create thousands of new jobs.

The Mayor of London, Boris Johnson, said: "Today I believe we see light at the end of the tunnel in the sorry saga that has dogged this great landmark for decades and the surrounding area.

"There is still detailed work to do but this is an encouraging step forward. In particular the firm commitment on the table to invest in the vital new transport link will drive the regeneration of this important corner of the capital that has been neglected for so long."

Richard Tracey, Wandsworth London Assemly member said:
"I also welcome this promised break in the logjam. There has been much speculation a bout the Power Station site and now I hope things can move forward in this vital Nine Elms regeneration area."

June 8, 2012