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Former Treasury boss is man with the power at Battersea

THE new owners of Battersea Power Station have hired a top Treasury Holdings executive to drive ahead with the project.

The iconic London site was sold by receivers appointed by NAMA and Lloyds Bank to help pay off Treasury's debts.

Treasury has always argued that the move meant NAMA would never be able to tap into a €400m site management fee negotiated by the firm and reflecting the unique experience its team had of the UK's biggest building project.

The new Malaysian owners said Robert Tinckell will oversee the project as chief executive, a role he had held with Treasury.

The owners of Battersea will have to sell homes at more than twice the London average to make a return on the deal, raising doubts about the plans for a site with a track record as a developers' graveyard.

The vast but crumbling former power station is a protected structure and has been derelict for 29 years. Over that span all efforts at redevelopment have gone by the wayside.

Treasury came closer than any previous owner, securing permission for a massive development around the plant before losing it to its creditors, including NAMA. The new owners paid for £400m (€500m) for it.

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