Treasury Holdings' Battersea plan gets boost
A PROPERTY company controlled by NAMA 'top five' developer Treasury Holdings has won approval from the mayor of London to redevelop London's Battersea Power Station.
Real Estate Opportunities (REO) said it welcomed Boris Johnson's approval of the planning application for the iconic London site. The mayor's decision follows that of Wandsworth Council, who approved the scheme in November.
The next stage of the process will see the application considered by Secretary of State for Communities and Local Government Eric Pickles.
REO said the mayor's approval of the planning application, the largest ever in central London, is a major step towards redeveloping the site.
REO, whose chief executive is Treasury's Richard Barrett, bought Battersea for €600m in 2006 at the height of the property boom.
Part of the site is now in NAMA as Bank of Ireland was one of the lenders on the original sale. In February of this year the site was valued at around £388m (€455m).
REO director Rob Tincknell was delighted his firm's plans had passed this latest stage in the approval process.
"We have worked very closely with residents to develop a scheme which will be of huge benefit to the community. We look forward to the application passing to the secretary of state for local government for final consideration," he said.
The power station was built in the 1930s but was decommissioned in 1983. It is now a protected building and secured a place in pop history when it appeared on the cover of Pink Floyd's 'Animals' album in 1977.