Ministers David Cameron and Najib Razak were joined by Wandsworth Council leader Ravi Govindia and Rob Tincknell of the Battersea Power Station Development Company, at the ceremony.
S P Setia, Sime Darby and Employees’ Provident Fund (EPF) make up the Malaysian consortium which bought the site last year and are now pressing ahead with its revival.
Work has now officially begun on constructing the masterplan, which aims to turn the challenging site into a new neighbourhood and bring the Tube to Battersea.
The redevelopment of the 39-acre Battersea Power Station site will lead to the creation of 3,500 new homes, shops, cafés, restaurants and offices, set in a new 6 acre riverside park and with the fully restored Grade II* listed Power Station at its heart and open to the public.
The council hopes the redevelopment of the site will generate 15,000 new jobs and see the restoration of the historic Power Station. It is a key part of their plans for “Nine Elms on South Bank”, their brand for the area.
Ravi Govindia said: “This project is lifting the fortunes of an entire district and will bring the Tube to Battersea for the very first time. New jobs and opportunities will flow from this development for years to come and we are working with everyone involved to ensure local people reap the benefits.
“We are now watching this part of Battersea transform from London ‘s logistics centre to a brand new residential and business district with a revived power station at its heart. The new Nine Elms will be a fantastic new venue on London ‘s tourist map and a new engine for growth. We have already attracted more than £15bn of new investment to this part of the South Bank and there is no sign of it slowing down.”
Construction works on Circus West, which is the first phase of the power station masterplan, are scheduled for completion in 2016.
The renovation of the Grade II* listed Power Station itself will get underway later this year. This will involve the iconic chimneys being painstakingly rebuilt to the precise design and specification of the originals, but to modern structural standards, and they will remain the centrepiece of the site in the new development.
Chief Executive of Battersea Power Station Development Company Rob Tincknell, said: “Redeveloping a site which is home to such an iconic building is a massive responsibility. An outstanding team has been assembled to undertake that work. On behalf of the shareholders and owners, we look forward to working with all our partners and stakeholders as we work towards creating a vibrant new neighbourhood with the world-famous profile of the Power Station at its heart. “