The £8bn redevelopment of Battersea Power Station is expected to begin next summer, providing a much needed jobs boost for London.
A number of developers have tried and failed to bring Europe’s largest brick building back into use over the past two decades, after it ceased electricity production in 1983.
It was purchased by Malaysian developers SP Setia, industrial group Sime Darby and the country’s Employees’ Pension Fund (EPF) for £400m earlier this month.
Homes, office space, shops and a hotel will be built on the site, creating 20,000 construction jobs and permanent roles for another 13,000 people. Two new London Underground stations will also be built on the site, while Battersea Power Station’s famous towers will remain in place.
UK Trade & Investment announced the redevelopment plans as it launched the Global Investment Conference in central London. It is the first of a number of summits being held in the capital during the Olympic Games in a bid to attract inward investment to the UK.
Mayor of London Boris Johnson said: “It is brilliant this historic landmark that helped power London for much of the 20th century will be at the centre of this huge regeneration project that will also help power the capital to even greater economic prosperity in the 21st.
“In the coming weeks, with major global investors in town for the Games, I am embarking on a gigantic schmooze-athon to highlight this and the wealth of other amazing investment opportunities that exist.”
The Malaysian owners will use the planning consent granted in 2008 for 3,500 homes and 1.7 million sq ft of office space, along with a hotel.
Wandsworth Council leader Ravi Govindia said: “The Battersea Power Station scheme makes an essential contribution to the Northern Line Extension funding pot.
“This Tube link is the key to creating 25,000 jobs and unlocking billions in growth across the wider Nine Elms area which is much bigger than just the power station site alone.
“Today’s announcement puts this vital infrastructure project on an even stronger footing and we’re delighted the new owners expect to get underway so soon.”
Further details on the scheme will be announced by SP Setia, Sime Darby and EPF later this year.
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