Work Begins at Battersea Power Station

on Jul 5, 2013
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iNVEZZ.com Friday, July 5th: Renovation work has begun at Battersea Power Station, one of the most recognised buildings in London. Britain’s Prime Minister David Cameron, London Mayor Boris Johnson and the Prime Minister of Malaysia, Datuk Seri Najib Razak, yesterday inaugurated building work on the £8-billion redevelopment of the disused power station into a residential and shopping site.

Cameron declared an “end to 30 years of hurt” for the disused power station on the south bank of the River Thames, which once generated about a fifth of London’s electricity but has been vacant for 30 years since it was decommissioned in 1983. Battersea Power Station has changed hands several times since then. Last year the building, the largest surviving example of Art Deco architecture, was bought by

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Battersea Power Station Development Company — a Malaysian consortium comprising the world’s biggest palm-oil producer, Sime Darby Bhd and SP SetiaBhd, and the Employees Provident Fund pension fund.
!m[David Cameron and Malaysian PM Break Ground on £8bn Redevelopment Project ](/uploads/story/3712/thumbs/pic1_inline.jpg)
The ground breaking ceremony marked the start of construction work on Circus West, the first phase of the development, which will include one, two and three-bedroom apartments, townhouses and penthouses, to be delivered by 2017, with prices in the range of £350,000 for a studio to £6 million for a penthouse. The project will also have a commercial component including offices, retail and hospitality, as well as a new US embassy and an extension of the London Underground. Battersea Power Station

Development Company has reported strong property investment demand, with nearly all of the units planned for this first phase of the project already sold (“Phenomenal Interest” Boosts Sales at Battersea Power Station Site, Developer Says).
Restoration of the power station itself, including replacement of the four original chimneys with replicas, will start in October along with phase two of the project (Restoration of Battersea Power Station to Start in October).

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