26 July 2013
One of the UK’s biggest property schemes, the redevelopment of London’s Battersea Power Station, has broken ground thanks to Malaysian investors.
For three decades since it was decommissioned Londoners have been waiting for the landmark building to be revived in some way.
Various ideas for schemes have come and gone.
But earlier this month the UK and Malaysian prime ministers attended the ground-breaking ceremony to launch the project that will turn the whole area into an ambitious, mixed-use development funded by a consortium Malaysian investors SP Setia Berhad, Sime Darby, and Employees Provident Fund.
Battersea Power Station
The multi-billion pound public and private investment, managed by the Battersea Power Station Development Company, will transform the 150,000-sq-m industrial site into 3,500 new homes as well as shops, cafés, restaurants and offices set amidst a 24,000-sq-m riverside park.
Prime Minister David Cameron said at the ceremony he was "committed to encouraging more overseas businesses to invest in Britain" and declared: "the work that starts today … shows that Britain is open for business."
Over 97% of available units have already been sold for a total value of just over $1bn.
Renovation has also started on the power station itself which will involve the chimneys being rebuilt according to the original specification, but to modern structural standards.