Malaysian property developer SP Setia and the property
arm of plantations group Sime Darby saw off 15 other bidders with a
higher-than-expected £400 million offer for Battersea Power Station.
As part of the bid, the partners said that they will
redevelop the derelict, 38-acre site but keep its art deco facade and the
iconic chimney stacks.
Football fans were hoping that Roman Abramovich's bid
to redevelop Battersea Power Station as Chelsea's new stadium would be approved
but it wasn't to be.
The new owners will also build a Tube station linked
to the Northern Line at a cost of £200 million. The Malaysian companies have
signed an exclusivity agreement with Alan Bloom and Alan Hudson of Ernst &
Young, the joint administrators and receivers of the property.
Battersea was seized by its creditors, Ireland's
National Asset Management Agency and Lloyds Banking Group, in December after
several attempts to sell it failed. They are owed £520 million.
Battersea Power Station was builtbetween
1929 and 1933 and is Europe's largest brick building.
"The future of Battersea Power
Station is important not just for the building itself but for the area as a
whole," says Emma Hopkinson, manager at the Battersea branch of lettings agent
Edmund Cude. "The investment in a Tube station is of major significance to residents
of Battersea and will make a huge difference to commuters."