The CEO of Battersea Power Station (BPS) Development Company Simon Murphy says he is looking for more foreign investors, including potential Arabian Gulf clients, who are willing to buy property on the 42 acre site.
In an interview with Arab News, Murphy said that, while Arabian Gulf investors traditionally prefer to invest in the ‘golden triangle’ around Mayfair, Belgravia and Knightsbridge, he is hoping they will see the advantages of investing in the ‘new town centre’ that the Battersea Power Station redevelopment is.
Murphy said: “We have already seen significant interest from purchasers who might traditionally have opted for property in the so called ‘golden postcodes’ which are incidentally less than a mile away. First, they like the fact that this is a growth zone – they can see the potential for value uplift because it is being regenerated – the new tube line, the restoration of the Power Station, new shops – all of this brings value to the area so it makes for a compelling investment case. They love the fact that it’s on the river, within walking distance of the boutiques on Sloane Square and just a short stroll from Battersea Park’s 200 acres of green space.”
This latest appeal for investment shows just what an expansive, and expensive, project this is. It has an estimated total development value of £9bn with £1bn having been committed by its Malaysian investors alone.
Since the power station itself closed in the 1980s a number of redevelopment projects have stalled. The current developers will no doubt be hoping that by appealing to the world’s wealthiest investors they will succeed where others have not.