Battersea Power Station Targets London AIM Listing
Battersea Power Station, which has been at the centre of numerous development plans and yet has stood empty for over 25 years, could now be floated on London’s Alternative Investment Market (AIM).
Currently owned by Irish property group Real Estate Opportunities (REO), which bought the Grade II listed 40-acre Battersea site for ┬ú400m back in 2006, is now hoping to find a funding partner to take a 50% stake in the iconic London landmark.
As reported on our blog last autumn, the property group submitted planning application for redevelopment of the site, which included 1.5m sq ft of office space along with homes, shops, restaurants and leisure facilities. An extension of London Underground’s Northern Line was also proposed.
In terms of financial value, it was the largest ever planning application ever made in central London. Although the site is currently valued at ┬ú388m, if the planning application is accepted, the valuation is expected to rocket.
However, since the former power station was decommissioned in 1983, the site has gone through a number of different planning proposals from various owners. The chairman of Alton Towers even expressed interest in creating a theme park on the site.
And as a result, while the rest of the Thames waterfront around Battersea Power Station has undergone huge change, the landmark itself has remained empty and undeveloped.
“It’s an opportunity to turn the power station into a cultural icon for London,” said Robert Tincknell, who runs REO’s parent firm, Treasury Holdings. According to The Guardian, he added:
“A year ago, people were saying ‘it’s not going to happen’. That’s changed enormously over the last 12 months, with the planning permission having gone in and the support we have,” which has come from the London Mayor, Boris Johnson, along with English Heritage and Wandsworth Council.
The proposal was designed by New York-based architect Rafael Vi├▒oly.