The Government has formally approved the £4bn project to redevelop the iconic Battersea Power Station in central London.
The decision by Communities Secretary Eric Pickles follows planning approval given by London Mayor Boris Johnson in December 2010 - one month after Wandsworth Council gave its green light for the plans.
The scheme, masterminded by Treasury Holdings, will see 3,400 new homes built on the site and the creation of more than 20 acres of public space. It will also include a new underground station on the proposed extension of the Northern Line from Kennington to Nine Elms and Battersea.
This marks the final decision in the planning application process, with the development - the largest ever in Central London - now due to begin in 2012.
Rob Tincknell, managing director of Treasury Holdings, said: “Following productive talks with a number of potential investors, we now look forward to bringing an investment partner on board and commencing with the development of the site and the regeneration of the power station.”
In a separate but related development, the Mayor has published an amended consultation for a proposed Section 106 framework designed to secure more than £500m for the tube line extension project from developers involved in the Vauxhall, Nine Elms and Battersea Opportunity Area.
This consultation sets out two tariffs which developers will be required to pay for both residential and commercial buildings, based on the location of the development within the opportunity area.
The Nine Elms and Vauxhall area covers 227 hectares (2,443 acres) and is the largest development opportunity close to the centre of London.
10 February 2011