The Financial Times (£) reports that a Malaysian pension fund is poised to seal a £375m deal to acquire Battersea Power Station, potentially drawing to a close the UK property industry’s longest running development saga.
The Irish Independent reports that one of the bidders was Chelsea Football Club.
The deal is expected to be a joint venture between the pension fund, SP Setia, a Malaysian property developer and RREEF, the real estate arm of Deutsche Bank.
The proposed development is reported to be a £1.4bn scheme of housing, offices and shops.
The key word really in the FT’s report is “potentially”.
I said in December there have been so many false dawns over the years for this great structure that Pink Floyd were being more prescient than they probably realised when they featured a pig flying over it on the cover of their 1977 album, Animals.
So were the Beatles when they featured the building in their 1965 movie, Help.
Built in the 1930s and decommissioned in 1983, the landmark Grade II* listed power station is the largest brick building in Europe.
The building is in a very poor condition and is on English Heritage’s Building’s at Risk register.
Another major challenge facing any developer is that they will be required to finance an extension of the Northern Line tube line to Battersea.