Business & Investment

Battersea Power Station Reborn as a £ 9 Billion Luxury Development

The remodeling of the Battersea Power Station took nearly a decade, but the project was worth the wait.

This place was a symbol of Britain’s hollowing out of industry and was a relic of what Southern London once had – working class, gritty, busy. Peak production in the 1950s supplied one-fifth of London’s electricity.

But only thirty years later, electricity was permanently shut down as Britain turned its back on coal-fired power plants for both political and environmental reasons.

Transformation: Forty years after power outages, South London’s Battersea Power Station has been transformed into a luxury condominium, office, and shopping center.

Sitting alone on the banks of the Thames in Wandsworth, no one knew what to do with the place. And there were smart ideas, including turning it into a theme park or soccer stadium.

In the 1980s, Alton Towers owner John Bloom went bankrupt while promising to build the “South Chelsea Fun Palace.” Former Prime Minister Margaret Thatcher stood up at the opening ceremony in 1988, wearing a helmet and carrying a giant laser gun. However, the “world’s largest theme park” soon collapsed.

The power plant’s sole purpose became the background for Pink Floyd’s animal-like epidemic album cover, a 40-minute nihilistic rant about the decline of capitalism.

In early 2012, it was almost completely demolished by the Onesworth Council, despite the building’s Grade II status.

Simon Murphy, CEO of the project, said: The realistic idea wasn’t on the ground. “

However, the final dice were thrown on the site, and in September 2012, a consortium of Malaysian South Asian investors invested £ 9 billion to live, work and shop in and around the power plant. I changed it to.

At that time, there was little hope for the project, and the usual headlines and sarcasm appeared. The problem was that the site was too big and it was too costly to dig inside, the headline read.

Fortunately, the £ 9 billion bet paid off and the power plant became huge again.

Inside, it is divided into 15 floors. The top six floors will be Apple’s European headquarters, where tech giants will relocate this summer.

Unlucky 1988 South Chelsea Fun Palace ¿Former Prime Minister Margaret Thatcher at the opening ceremony of the project

Former Prime Minister Margaret Thatcher at the opening ceremony of the unlucky “South Chelsea Fun Palace” project in 1988

Murphy admits that Apple would never have agreed to the deal without the extension of the Northern line from Battersea to Nine Elms to Kennington.

There is a shopping mall on the ground floor below Apple.

Unlike Westfield, power plants have unique bags. Many of the buildings are left untouched, including the remains of an old crane hanging from the ceiling. But like all large construction projects, the real value lies in the design.

This is best seen elsewhere in the “starchitects” where Frank Gehry and Norman Foster built their apartments side by side in the north.

Much of the flat development work is the same in London. Rectangular glass boxes are piled high in the air.

But Gary was particularly successful in creating something unique, with his apartment zigzag into the sky. Baroque and unusual shapes are reminiscent of Barcelona buildings.

“It costs money, but it’s not south of London,” Murphy stood up and looked up.

There are a total of 1,600 apartments on the premises, and only 150 are still on the market. With an average price of £ 1m, it’s not cheap, but UK buyers still make up the majority.

“60% of UK buyers, 20% Malaysians and 20% overseas,” explains Murphy.

Nonetheless, the project wasn’t without problems, and the boss admits that he once thought the power plant curse might strike again.

He adds: “I was very fortunate to have a Tory mayor, a Tory councilor, and a Tory leader in Onesworth.

Brexit, the introduction of stamp duty, and the pandemic are, of course, at the top of the list. Murphy said: Everyone wanted to know what it would do to Britain.

It especially affected the sales capacity of homes. Malaysian investors were shocked, but couldn’t stop investing.

Momentum continues to change, Tories seek ideas, and Battersea shows what imagination and investment can do.

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Battersea Power Station Reborn as a £ 9 Billion Luxury Development

https://www.dailymail.co.uk/money/news/article-9761507/Battersea-Power-Station-reborn-9bn-luxury-development.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Battersea Power Station Reborn as a £ 9 Billion Luxury Development

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