Not So Fast, Chelsea!

I don’t normally celebrate the failures of others, but I couldn’t help but breathe a sigh of relief when it was announced that Chelsea’s offer for the Battersea Power Station was rejected. Last month the Blues announced that they had bid to buy the station, but administrators revealed this morning that a joint bid by two Malaysian property groups, SP Setia and Sime Darby, had been chosen instead.

I believe this is a move in the right direction, at least for Battersea and south-west central London. SP Setia and Sime Darby have offered £400 million (£100 million under the initial asking price) to create new living and retail spaces on site while preserving the façade of the 79-year-old power station. There is obviously still some way to go but this is potentially very good news.

As the Guardian reports, on top of the £400 million, SP Setia and Sime Darby have also committed themselves to the construction of a new underground station as part of the proposed extension of the Northern Line. Sounds like a good plan to me! At least for now, we can be assured that the Battersea will remain one of London’s most notable and soon to be restored historical landmarks.

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