The latest proposal for the redevelopment of Battersea Power Station by Real Estate Opportunities (REO) has finally got the go-ahead. The £5.5bn scheme to revamp the Battersea Power Station will include a hotel and several restaurants as well as an estimated 3,400 homes and 15,000 jobs.
REO bought the Battersea Power Station 4 years ago for £400m, but the original redevelopment proposal was rejected by Mayor Boris Johnson, who felt it would “ruin” the view between Waterloo Bridge and Westminster Palace.
The revamp of Battersea Power Station will include the construction of homes, offices, shops, restaurants, a hotel and a cinema around the Battersea Power Station – essentially creating a town with the station at its heart. While the building itself cannot be demolished, REO plans to demolish and rebuild the 4 white chimneys of the Battersea Power Station, which are currently beyond repair. Two of the new chimneys will produce green energy from a biofuel centre, and the Power Station will be used as a venue for public events.
This repair work is due run from 2012 to 2016 – with the entire redevelopment project completed in 2026.