The purchase of the Battersea Power Station site in December 2006 marked Real Estate Opportunities Limited’s first significant acquisition in the UK for a number of years. Treasury Holdings owns a majority shareholding in REO and Treasury Holdings UK is appointed as development manager for the project. Set alongside 420 meters of River Thames frontage within the London Borough of Wandsworth, the site is under a mile and a half from Knightsbridge and under two miles from Oxford Street and the heart of London’s West End.

Battersea Power Station is one of the most recognisable landmark buildings in London and one of the largest brick buildings in Europe. The site represents one of the largest regeneration projects in Central London. A full range of advisors has been engaged including Rafael Vinoly Architects to produce a new masterplan. The intention is to create a sustainable scheme in keeping with the importance of the site and the heritage building, which is both commercially viable and deliverable. On the 20th June 2008 the masterplan for the site was launched. The masterplan proposes the reuse of the power station building for a mix of retail, residential and hotel uses. A new landmark building is proposed next to the power station containing commercial uses. This will be the most sustainable building ever built in the UK.

Masterplan

During 2007 it was decided that the existing planning permission did not optimise the development potential for the site nor meet the emerging planning guidance for the area. In April 2007 world renown architect Rafael Vinoly was appointed to produce a new masterplan.

The new professional team has approached the development afresh with the aim of producing a truly robust, deliverable scheme that combines the best practice in policy terms with a sustainable, exemplar development for London. It is also the intention that the development becomes a catalyst project for the wider redevelopment of the Nine Elms corridor.

To support this broader regeneration of the area, the Greater London Authority has begun work on the production of a dedicated Opportunity Area Planning Framework (“OAPF”). This statutory document, building on recent alterations to the London Plan, will specifically address the Nine Elms corridor and is expected to be complete in mid 2009.

The masterplan retains the key historic spaces in the power station and will develop it to incorporate a hotel, residential and retail accommodation. It will once again be used to produce power with a new combined cooling, heat and power plant, but this time using biofuels, waste and other renewable sources.

Alongside the existing power station there will be a new landmark building which will be the cleanest and greenest building in London. A spectacular chimney and Eco-Dome will dramatically reduce carbon emissions of the 15.38 hectare development and will also house apartments with panoramic views over London.

The largest solar driven natural ventilation system ever conceived will eliminate the need for air conditioning for the commercial accommodation within the Eco-Dome

The first stage of the public consultation process was held over June, July and August 2008, where we welcomed over 14,000 visitors to the site to view our proposals, including local residents, businesses, Londoners and a few from further afield. Feedback from the exhibitions was positive, with over whelming support for our plans.

Two thirds of respondents to our questionnaires said that they were supportive of the proposed masterplan for the site and 81% liked the design.

Following the consultation process, Treasury Holdings has reviewed the many comments received.  As a result, the masterplan has evolved in response to issues raised, and the revised scheme was published on 18th December 2008.

The overall concept of the scheme has been maintained, but the mix and location of buildings have been adjusted.  The scheme continues to comprise a mixed development of residential, office, retail, hotel and leisure elements.

Since purchasing the Power Station site REO has acquired nearby sites in Battersea at Stewart’s Road, Kirtling Street and Brooks Court. In addition, vital remedial works to the Power Station building are currently underway at the site.