The redevelopment of Battersea Power Station is more likely to go ahead after Irish owners Real Estate Opportunities (REO) secured a deferment of their loan repayments. After purchasing the power station in 2006 REO suffered from the economic downturn, failing to make loan repayments on the debt secured against the site.
It has now emerged that creditors have agreed to postpone the repayment until August 2011. The postponement gives REO the opportunity to move forward on their plans to redevelop the iconic landmark. The project is set to bring 3,700 homes and bring 2.3 million square feet of shops and office space to London.
Mayor of London, Boris Johnson, supports the plans believing that the creation of housing and London office space would be a boon to the area. If REO get the go-ahead from Wandsworth council next month, the first phase of the project should be completed by 2015.
Image: Flickr (Mark Ramsay)