This is the last chance for Battersea Power Station

It has stood empty and forlorn by the Thames since 1983. Battersea Power Station has seen the gleaming towers of Canary Wharf rise to the east, the Gherkin come to dominate the City skyline and landmarks such as the London Eye and Millennium Bridge give London its modern identity.

 

By Damian Reece, Head of Business
Published: 7:30AM BST 24 Jun 2010

Meanwhile, poor old Battersea has been passed from one owner to the next, redevelopment tried and failed, its roof removed and walls demolished. But the site's latest owners, Real Estate Opportunities, reckon it is closing in on the start of an 8m square feet development of residential, retail and office space which will "change the geography" of the capital. There are even plans to float the development on the stockmarket and sell a key stake to an investor, such as a sovereign wealth fund. So what's different this time?

Unlike previous attempts to redevelop the Art Deco structure, this latest and much larger scheme is part of a wider 22m square feet regeneration project of the entire Nine Elms area of London which includes 16,000 new homes, not to mention the new US Embassy.

It's hoped a new branch of the Northern Line from Kennington will boost poor transport links. But this represents one of the biggest challenges to the scheme's success too. Public money is in short supply and while private sector funding is a possibility, corporate involvement with the London Underground has been fraught. The proposals for the power station appear to have popular support from residents and businesses, as well as City Hall. But the most compelling explanation why it will be different this time is also the starkest - this is Battersea Power Station's last chance. Failure will doom the site and for ever brand it unworkable. If it continues to stand it will be a monument to the sort of urban blight a modern, forward looking city cannot afford.
damian.reece@telegraph.co.uk