Power Station to go on the market

The administrator handling the sale of Battersea Power Station has confirmed it expects the site to go on the market early in the New Year.

Administrator Ernst & Young say the sale could take up to nine months to complete.

The site’s previous owners, REO (Real Estate Opportunities) went into administration last week.

LB Wandsworth says a number of major players have already registered an interest in buying the 55 acre power station site which is located within the Vauxhall, Nine Elms, Battersea Opportunity Area – the largest regeneration zone in central London.

Ravi Govindia, leader of Wandsworth Council, said: “This is by far the biggest opportunity in Nine Elms. It comes with planning consent for 750,000 square metres of development including a new town centre, 3,400 new homes and a Government backed-plan for a new Tube connection.

“The planning framework here is based on the delivery of two new Northern Line stations. This is key to creating 25,000 new jobs and unlocking billions in growth and new inward investment throughout the wider Vauxhall Nine Elms area.

“We are excited about the prospects for this prominent site and look forward to working with Ernst & Young as they seek a buyer with the commitment to take this forward.”

Alan Bloom, Global Head of Corporate Restructuring at E&Y, said: “We are looking forward to a continued constructive dialogue with Wandsworth Council.”

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