Plans for new London offices
at Battersea Power Station have been put on hold after administrators have been called in to obtain cash from certain subsidiaries of the site.
The Bank of Scotland, acting on behalf of Lloyds Banking Group and the National Asset Management Agency, has informed Real Estate Opportunities they are looking to take around £324 million from these subsidiaries.
Meanwhile, Oriental Property is looking to claw back £178 million. However, Terry Farrell & Partners has proposed new plans for Battersea Power Station in a bid to try and overcome the current barriers to progress.
The front and back of the chimneys would be retained, meaning from the river the building would keep its "grandeur", cnplus.co.uk reported. The sides would be open to allow views of parkland to be enjoyed.
There have been concerns that the action taken by the administrators could jeopardise plans to extend the Northern Line to Battersea and Nine Elms. Real Estate Opportunities had suggested the new London Underground route would have the capacity to service 24,000 people an hour, with trains running every two minutes.
"As for the transport connections, for now we could spend a fraction of the amount it would cost for a new tube station on a surface tram link or a shuttle bus service to Vauxhall station. When the tube line is up and running, which could take many years, it can service the increased people traffic there," cnplus.co.uk noted Terry Farrell & Partners as asserting.
Sir Terry Farrell said "incremental" stages of development were the most appropriate route of action to take.
Under the original plans laid out by Real Estate Opportunities, Battersea Power Station could become one of the leading London office developments, as well as the first zero-carbon corporate space in the capital.
A modern conference centre was also in the pipeline, along with the biggest ballroom in London.
Posted by John Evans
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