London mayor Boris Johnson has approved plans to redevelop one of London’s most iconic landmarks by Real Estate Opportunities (REO).
The Â£ 5.5 billion redevelopment of Battersea power station, which has been derelict since it closed almost 27 years ago, will see the construction of thousands of homes and shops and could see London Underground’s Northern line extended as far as the site.
It is expected the redevelopment could create up to 25000 jobs, 16000 during construction and 15000 once the project is up and running.
The grade-II listed building, which featured on the cover of Pink Floyd’s Animals album, has stood empty since it was decommissioned in 1983 as a number of plans to redevelop the 40-acre (16.2 ha) site failed.
REO’s redevelopment plans include a Â£ 200 million towards the funding of a two-station extension of the Northern line from Kennington.
Approving the plans Mr Johnson said, “Battersea power station has long been an iconic feature of the capital’s skyline, and these plans will make sure that status is retained for years to come.
“The building was once a vital motor helping to power the capital. With its future secured through this regeneration, it will once again play a part in driving London’s economy.”
The plan now needs the final approval of secretary of state for communities and local government Eric Pickles.
Welcoming the mayor’s decision, Rob Tincknell, director of REO, said “We now look forward to the application passing to the secretary of state for communities and local government for final consideration.”
REO said it hopes to begin construction on the first phase of the redevelopment in early 2012, with completion scheduled for 2016.The remaining phases, including the new underground stations, are scheduled for completion in 2024.
The coal-fired power station was constructed in 1939 to provide power for London and was designed by Giles Gilbert Scott, who was also responsible for the UK’s distinctive red telephone boxes and Liverpool Cathedral.