Local council gives planning consent for revised £5.5bn scheme to redevelop disused building

Battersea power station revamp

Battersea power station, closed for the last 27 years, has won approval for a £5.5bn revamp that will create 3,400 homes and 15,000 jobs.

The London landmark is currently the largest brick building in Europe and won a grade II listing three years before closure. The site was bought four years ago by Real Estate Opportunities (REO), a company owned by two Irish millionaires. They originally applied to build a 300 metre tower but were denied by Mayor Boris Johnson who said it would ruin the view from Waterloo Bridge to the Palace of Westminster.

The new masterplan, as approved by Wandsworth Borough council will see New York-based architect Rafael Viñoly’s futuristic 60 metre glass funnel rising from a huge dome. 3,400 homes will be built including 500 affordable ones as well as shops, restaurants, a hotel, cinema and offices. Two of the chimneys will be used to produce green energy from a biofuel centre, and the station’s two turbine halls are to host public events including conferences.

The project, as part of the deal, must contribute £203m towards the extension of the Northern Line from Kennington. That, coupled with £230m of debt means the REO company is seeking lots of investment (up to a 50% stake) to finance the development.

Nick Cuff, who chairs the Wandsworth planning application committee said: “The two Northern Line stations will spur on the regeneration of Nine Elms and bring a huge economic windfall to this part of south London.”

Work is due to start in 2012 and be completed by 2016.

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