Battersea Power Station
The purchase of the Battersea Power Station site in December 2006 marked Real Estate Opportunities Limited’s first significant acquisition in the UK for a number of years. Treasury Holdings owns a majority shareholding in REO and Treasury Holdings UK is appointed as development manager for the project. Set alongside 380 meters of River Thames frontage within the London Borough of Wandsworth, the site is under a mile and a half from Knightsbridge and under two miles from Oxford Street and the heart of London’s West End.

Battersea Power Station building is one of the most recognisable landmark buildings in London and one of the largest brick buildings in Europe. The site represents one of the largest regeneration projects in Central London.

Rafael Viñoly's plans ensure that no other building on the site will be taller than the shoulders of the power station, and make sure that the power station remains a dramatic centrepiece of the scheme, particularly in views from around the site and from across the river.

The power station’s iconic and powerful presence on the site is also accentuated by reflecting pools surrounding the building. This creates space to stand back and appreciate the art deco structure, which will itself be converted into offices, shops, restaurants and homes.

The masterplan includes around 3,400 new homes, 161,000 sqm of office floorspace, 64,000 sqm of retail, restaurants, a hotel, leisure space and community facilities. It is this mix of uses that is essential to delivering an active place that will bring life to the area.  Around 15,000 new jobs will be created within the completed development, along with thousands of construction jobs.

The scheme will act as a catalyst to the regeneration of the Nine Elms area, which will be greatly enhanced by the plans to extend the Northern Line from Kennington through to Battersea Power Station. Over the past year, significant progress on the private funding of the Northern Line Extension has been made through working alongside Transport for London and London Underground.

Since purchasing the Power Station site REO has acquired nearby sites in Battersea at Stewart’s Road, Kirtling Street and Brooks Court. In addition, vital remedial works to the Power Station building have also taken place.

Key Facts
Location: London SW8 5BN
Site Area: 15.38 hectares
Size: c.740,000 sq.m
Office: 161,000 sq.m
Retail: 64,000 sq.m
Conference Centre: 16,000 sq.m
Hotel: 22,000 sq.m
Residential: 3,400 new homes

Masterplan
During 2007 it was decided that the existing planning permission did not optimise the development potential for the site nor meet the emerging planning guidance for the area. In April 2007 world renown architect Rafael Viñoly was appointed to produce a new masterplan, alongside a full range of advisors.

The new professional team has approached the development afresh with the aim of producing a truly robust, deliverable scheme that combines the best practice in policy terms with a sustainable, exemplar development for London. Viñoly has developed a design that maximises the opportunities and the challenges of the site. The intention being that the development becomes a catalyst project for the wider redevelopment of the Nine Elms corridor.

To support this broader regeneration of the area, the Greater London Authority has been working on the production of a dedicated Opportunity Area Planning Framework (“OAPF”). This statutory document, building on recent alterations to the London Plan, specifically addresses the Nine Elms corridor and is expected to be complete in mid 2010.

Following three public exhibitions, the masterplan has achieved high levels of public support.  It is also supported in principle by the key stakeholders organisations, including the GLA, English Heritage and CABE.

REO submitted its planning application for the site in July 2009.  It has recently submitted minor changes to the plans in response to the consultation process that has taken place since December 2009.  Wandsworth Council approved the planning application, which has now been referred to the Mayor of London and Secretary of State for Communities and Local Government for their consideration.

The submitted masterplan meets all of REO’s key objectives of the project:

• it will create a great new place and active district for London and Wandsworth
• it will play a major part in the delivery of improved public transport in Nine Elms through an extension to the Underground network in South West London
• it is a viable plan for bringing the historic and much loved power station building back to life to make a 21st century contribution to London, a quarter of a century after it stopped generating electricity
• And it ensures a low carbon development, with the plans for the power station itself achieving zero carbon status.