Battersea Power Station finally sold for £400m

Battersea Power Station has been sold to Malaysian developers for £400m. The sale will hopefully bring a period of great uncertainty over the building, to an end.

A Malaysian consortium comprising SP Setia, Sime Darby and the Employees’ Pension Fund of Malaysia have exchanged contracts on the site.

The announcement was made by joint sales advisors Knight Frank and Ernst & Young who billed the 39.1 acre site as the last significant piece of prime central London remaining for redevelopment.

The iconic and much loved site was put into administration in December when its owners failed to pay creditors. The property came to the open market for the first time in its history in February.

 “Throughout the six-month marketing process, which attracted investors from countries as diverse as Kazakhstan, South Africa, China, Indonesia and Brazil, we enjoyed excellent support and encouragement from all key stakeholders: in particular – the London Borough of Wandsworth, the Mayor’s office, Transport for London, and English Heritage,” said Stephan Miles-Brown, head of residential development at joint agent Knight Frank.

“We have now found a skilled and extremely professional purchaser who we feel can take on this site and produce the best result for London – the re-development of a prominent, listed building at a prime, waterfront location.  The finished scheme will be the jewel in the crown of the Nine Elms Development. Knight Frank and Ernst & Young have relished their roles in selling an icon and will observe its development with great interest.”

The site comes with planning consent for 3,500 homes and 1.7 million square feet of office space, a hotel and retail units. The site will also carry two new underground stations, as extensions of the Northern Line.