The redevelopment of Battersea Power Station, one of the best-known sights on the London skyline, will begin later this year, its new owners said today.
The Art Deco 1930s power station and its instantly recognisable concrete chimneys are to be regenerated to form the centre of an £8 billion redevelopment of the 39-acre site on the south bank of the River Thames.
Preparatory work for the plan to build 3,500 homes, 1.7 million square feet of office space, shops and a park, will begin later this year, with ground broken in the second half of next year, the Malaysian consortium behind the plans said.
The group bought the site for £400 million earlier this year, scuppering the plans of Chelsea Football Club, which considered the site for a new stadium away from its Stamford Bridge ground.
Tan Sri Liew Kee Sin, president and chief executive of SP Setia, which with Sime Darby and the Employees Provident Fund (EPF) make up the consortium, said: "Battersea Power Station is a wonderful building and both it and the centrally-located Nine Elms area surrounding it are in need of regeneration.
"As property developers, we are very proud to be part of the team that will bring them back to life and ensure they are preserved for future generations.
"With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the power station at its heart, creating up to 26,000 new jobs in the process."
The consortium has planning consent to build the homes and office space. It also plans to build a Tube station on the premises that will connect to the Northern Line.