Knight Frank to sell Battersea Power Station


Knight Frank is set to be appointed as the agent to sell Battersea Power Station by administrators Ernst & Young.


Agents pitched to E&Y just before Christmas, with the administrator announcing that it was looking to begin a sale of the 55-acre site early in the new year.


CBRE, Savills, DTZ and Jones Lang LaSalle were among the other bidders.


E&Y was appointed administrator to the Battersea Power Station Shareholder Vehicle on Monday 12 December.


Lloyds Banking Group, Nama and former owner Victor Hwang applied for the administration after BPSSV said it could not repay £502m of loans.


No guide price will be set, but the senior lenders Lloyds and Nama are looking to recoup all of their £324m of debt. It is understood that Victor Hwang will be repaid any sum over this amount.


E&Y has said the sales process could last up to nine months.


Wandsworth council’s planning chairman cllr Nick Cuff said: “It is really good news that the administrator have moved quickly to appoint an agent. Now the agent needs to move quickly to find a buyer for the site. There is an outline planning permission in place, and we want someone one board to get the whole thing moving.”


Chelsea Football Club, Earls Court developer Capital & Counties, British Land and Blackstone have all looked at the site, which could be worth as much as £4.5bn when the regeneration of the area is completed.


Knight Frank and Ernst & Young declined to comment.