REO Holdings’ plans for the redevelopment of Battersea Power Station in south London have been recommended by council officers, and will go before Wandsworth council’s Planning Applications Committee this Thursday 11 November.
The £4.5bn development, designed by Uruguayan architect Rafael Vinoly, will include 3,700 new homes, 1.6 million sq ft of offices and 500,000 sq ft of shops and restaurants.
REO, which is majority owned by Irish developer Treasury Holdings, bought the site in 2006 for £400m. It has recently proposed contributing £203m towards a £662.3m extension of the Northen line from Kennington into the site.
In its most recent results REO said its business plan for the coming year was contingent on a number of key assumptions, including the renewal by Ireland’s National Asset Management Agency of working capital facilities, planning permission for Battersea Power Station in “the near future”, and completion of the deal that would see the group’s interest in Battersea Power Station restructured with an equity partner introduced to provide all project financing in 2011.
Rob Tincknell, managing director of parent company Treasury Holdings, has suggested that up to 15 groups have shown interest.
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