Battersea Power Station redevelopment | Wandsworth | Pre-planning

[citybus]

Originally Posted by Harrington

If I were in charge I would have a few shorter residential buildings dotted around the lot, with a nice grass lawn base. Keep all of the buildings a fair few yards from the power station and you have the makings of a lovely scheme.

So a bit like Churchill Gardens then?

[Harrington]

Originally Posted by citybus

So a bit like Churchill Gardens then?

But much more aesthetically pleasing.

[woodgnome]

New Tube extension for south London moves one step close

-- Link to TFL article --

Link to Transport and Works Act Order (TWAO) application documents

Thousands of people in south London are one step closer to having better access to the Tube as Transport for London (TfL) today confirmed that it has applied for powers to build and run an extension of the Northern line to Battersea from Kennington via Nine Elms.

If the Tube link goes ahead travel to the West End and the City would be cut to 15 minutes from the Battersea area. If planning powers are obtained from the Government, and a funding package is in place, then construction of the Northern line extension could begin in 2015 with the two new stations opening in 2020.

Transport for London has today submitted a Transport and Works Act Order (TWAO) application to the Secretary of State for Transport. This date marks the start of the statutory process during which people or organisations can make representations to Government with their views on the proposed scheme. This period will last for seven weeks.

Results from three public consultations on plans to extend the Northern line have confirmed strong support for this potential new Tube link. The extension would help kick start regeneration in the Nine Elms area of south London and provide major transport benefits for local people.

The extension would reduce pressure on Vauxhall station, provide relief to the existing Northern line south of Kennington and give wider access to leisure and employment opportunities for local people. The new infrastructure would support up to 25,000 jobs and 16,000 new homes.

Now that the TWA application has been submitted details of the documents will be available to view online at tfl.gov.uk/nle, at selected libraries along the route and at the council offices of Wandsworth and Lambeth.

Leaflets to homes, businesses, schools and community venues along the route will be distributed by TfL. These will publicise the application and promote a number of drop in events where full details of the application and the documents to support it can be seen. TfL staff will be on hand to answer questions from those who attend.

After the submission of the TWAO, a public inquiry is likely to be held this autumn after which the Government will make a decision. This is expected by autumn 2014.

Michèle Dix, Managing Director of Planning for Transport for London, said: 'South London is one step closer to a possible new Tube extension. We are now seeking planning approval from the Government to build and operate this vital transport link with the submission of a Transport and Works Act Order. Extensive public consultation has shown that the majority of local residents and businesses are behind this proposed Tube extension, which will create access to the Underground for thousands of people, as well as cutting journey times from the Battersea area to the West End and the City to about 15 minutes.'

Ravi Govindia, leader of Wandsworth Council and chair of the Nine Elms Vauxhall Partnership, said: 'Bringing the Tube to Battersea has long been the ambition of this council and we are now within touching distance. 'This project is the key to unlocking Nine Elms on the South Bank's full potential and delivering 25,000 new jobs and 16,000 new homes.'

Funding for the proposed Tube link is guaranteed by the finance package confirmed by the Chancellor in his 2012 Autumn Statement. Up to £1bn would be borrowed by the public sector to finance the construction of the extension.

The funding to repay this borrowing would then come from the private sector in the form of business rates and private developer contributions.

[woodgnome]

Battersea Power Station developer sells more than 800 flats for £675m

-- Link to Guardian article --

More than 800 flats in the Battersea Power Station development in London have been sold for £675m. The owners of the Grade II listed power station, which has lain dormant since it stopped generating electricity in 1983 despite numerous outlandish development plans, said they had exchanged contracts with buyers of 95% of the flats and townhouses in the first phase of the project.

Rob Tincknell, the developer's chief executive, said it had experienced "phenomenal interest" from buyers wanting a slice of the first phase Circus West development, which will stand between the power station and Chelsea Bridge. Circus West will contain 866 properties ranging from £338,000 for a studio to up to £6m for one of 12 penthouses. Estate agents involved in the sale said many of the prime plots in the development have been bought by rich overseas buyers.

The Malaysian consortium that bought the site for £400m last summer declined to state the nationalities of the buyers. Many of the properties are likely to have been bought by Asia-based investors since the development went on sale in Kuala Lumpur as well as London in January. Tincknell has previously said: "Our buyers are from all over the world and they're attracted by the uniqueness of the building."

Recent research by property broker Jones Lang LaSalle (JLL) found that overseas buyers accounted for more than half of London's new home-buyers last year. The JLL study found foreign buyers bought £3bn worth of London residential property in 2012 – a 25% increase on the previous year. Six out of seven foreign buyers planned to let out their properties, the research said.

"Post-credit crunch it's much harder to get bank debt but with 30% to 40% of units sold 'off plan' to foreign buyers, that triggers work on the development," Adam Challis, JLL's head of residential research, said. "Without international investors most residential developments in London wouldn't happen and the housing crisis in the capital would be even greater."

The foreign invasion into London's property market is most stark at the high end, with most of the apartments in One Hyde Park bought through offshore companies. Russians bought 8.5% of all London properties worth more than £2m between March 2012 and March 2013, according to research by estate agent Knight Frank. Buyers from the United Arab Emirates, the US and China each accounted for 2.8%. Construction work on the Circus West complex will start in July and is due to be completed in 2017.

Malaysian construction firm SP Setia and Sime Darby, Malaysia's biggest conglomerate and the world's biggest palm-oil producer, both own 40% of the development. Malaysia's Employees Provident Fund pension fund owns the remaining 20%.

The Malaysian consortium bought the site out of administration for £400m last summer. Previous failed plans for the power station, which famously features on the cover of Pink Floyd's 1977 album Animals with a giant pig floating between its chimneys, included converting it into a theme park, a nightclub and a new ground for Chelsea football club.