REOP Reo Sec. Zdp

 

TIDMREOP 
 
RNS Number : 0814W 
REO Securities Limited 
12 November 2010 
 

12 November 2010 
 
 
    Wandsworth Council Approves Battersea Power Station Planning Application 
  Major step in regeneration of the largest undeveloped site in Central London 
 
 
Real Estate Opportunities plc (REO) is delighted to welcome Wandsworth Council's 
approval of the planning application for the Battersea Power Station site. The 
next stage of the process will see the application referred to the Mayor of 
London and the Secretary of State for Communities and Local Government for their 
consideration. 
 
Wandsworth Council's approval of the planning application, the largest ever in 
Central London, is a major step towards realising the vision for Battersea Power 
Station, and follows one of the most comprehensive consultation programmes for a 
property development ever undertaken in the UK, consisting of over 300 meetings 
with local groups and stakeholders, 3 public exhibitions and over 16,000 
visitors to Battersea Power Station. 
 
The scheme has received strong support from a range of stakeholders including 
the Greater London Authority, English Heritage, the Commission for Architecture 
and the Built Environment (CABE), and most importantly, the local residents and 
general public. 
 
Rafael Viñoly's masterplan will create a 10.1m sq ft mixed-use sustainable 
development with over 3,400 new homes and 1.7m sq ft of office space alongside 
1.5m sq ft of other commercial uses including community, hotels, cultural, 
leisure, conference centre, shops and restaurants. At the heart will be the 
Power Station, restored to its former glory, standing as a commanding reminder 
of London's industrial past and thrilling future. 
 
The development will also include a new tube station on the proposed extension 
of the Northern Line from Kennington to Nine Elms and Battersea Power Station. 
This will be the first ever privately funded extension to the tube network in 
Central London. 
 
The scheme is expected to generate approximately 15,000 new jobs and training 
opportunities, and will create a vibrant and inviting new community, serving as 
a catalyst for the regeneration of the Nine Elms Opportunity Area - the largest 
project in Central London. 
 
REO is confident in its ability to finance the project and has already attracted 
significant interest from a range of prospective investors. It has always been 
REO's strategy to partner with a new investor, and it hopes to announce 
significant progress in this regard early in the new year. 
 
Construction on Phase 1 of the development is scheduled to commence in early 
2012 with completion in 2016. The remaining phases, including the new 
underground station will follow, with the entire development scheduled for 
completion in 2024. 
 
Rob Tincknell, Director of REO, said: 
 
"This decision is a fantastic milestone toward our goal of creating a new 
exciting place for London and saving one of the City's great landmarks. 
Following the Council's approval, the decision and application now goes to the 
Mayor of London and the Secretary of State for Communities and Local Government 
for their consideration. We are grateful for the support we have received thus 
far, and look forward to working with all the stakeholders to establish a long 
term economic, social and environmentally sustainable heart to Nine Elms." 
 
Cllr Nick Cuff, Chairman of Wandsworth Council's Planning Application committee, 
said: 
 
"This scheme would restore one of London's most iconic buildings and create 
thousands of new jobs and homes. The two Northern Line stations will spur on the 
regeneration of Nine Elms and bring a huge economic windfall to this part of 
south London. There is still a great deal of work to be done but this is an 
important step forward and will give the area's other major investors the 
confidence to press ahead with their plans." 
 
Since purchasing the site, REO has actively engaged with the local community, in 
particular the Battersea Power Station Community Forum.  The Forum was 
established in 2003 to play an active role in the design and development of the 
Power Station site and is made up of a wide range of local community groups, 
societies and residents. Harry Cowd, Chairman of the Battersea Power Station 
Community Forum, commented 
 
"For many years the Battersea Power Station Community Forum has worked with the 
owners of the Power Station on plans to bring about the restoration of this much 
loved building and the regeneration of the surrounding site. I am very pleased 
with Wandsworth Council's decision to approve the planning application, and I 
firmly believe that this is a major step towards finally saving the Power 
Station for public use and providing substantial community benefits.  I am 
grateful to REO and Treasury Holdings for their ongoing engagement with the 
local community and I look forward to working with them closely to bring forth a 
scheme which will benefit local residents and businesses, and will breathe new 
life into the Nine Elms area." 
 
 
Ends 
 
 
Images of the Battersea Power Station development can be found at: 
 
ftp://Press:Images@treasuryholdingsuk.com 
 
 
For More Information please contact: 
 
Gordon Simpson - Finsbury 
020 7251 3801 / 07778 739237 
 
Rob Tincknell - Real Estate Opportunities 
020 7501 0710 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCGLBDBBUBBGGD 
 

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