reo todays rns part 112 Nov 2010 08:23
Real Est Opport PLC
Wandsworth Council Approves P
RNS Number : 0815W
Real Estate Opportunities PLC
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.