Category Archives: Battersea

Battersea Power Station and the Great British Housing Crisis

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The Bureau of Investigative Journalism recently released an accurate and in-depth research about the British Housing Crisis.  The investigation is focused on the ever growing lack of social and affordable houses in UK, revealing some of the tricks developers use to overcome the commitments they are requested to fulfill by local authorities. The article is largely based on development schemes in the socalled Vauxhall Nine Elms Battersea Opportunity Area (VNEB). In these areas Spectacle has been engaged for years producing media and informative blogs about the social and economic flaws in “big bang” speculative developments and how they conflict with meaningful and sensitive architectural preservation and thriving urban environments. The Bureau of Investigative Journalism’s authors give interesting keys to understand the dynamics behind big projects, the contradictions of the property market and its impact on Britain’s most vulnerable people. We warmly recommend it.

Click on the image to read the article

This is how developers advertise their scheme on the fences around Battersea Power Station

This is the hilarious way developers choose to advertise their scheme on Battersea Power Station

 

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Battersea Power Station: ghost flats worth £1.8bn!

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Versione in Italiano

We learned from the pages of London Evening Standard that “More than £1.8 billion worth of homes have been sold at Battersea Power Station since they went on the market in January last year”. None on these flats have been built yet.

Apparently most of this £1.8 billion came from the fortunate global launch that Battersea Power Station Development Company organized last month.  As we already suspected, the search for overseas investors has not been affected by fear of the chinese property bubble bursting – the due date of which is still under discussion among financial analysts.  The threat of a Mansion Tax did not slow the rush of foreigners to use their deep pockets in order to get their piece of Battersea Power Station. Even if the London property market, as shown in Estate Agents Knight Frank’s report (see below), has appeared to slow down in the last few months, off-plan sales seem to work pretty well.Taking Battersea Power Station as reference for this trend, The Newstatesman  recently reported that:

“Off-plan profits hit the headlines last week with reports that a studio flat in Battersea power station, sold for close to £1m in the spring, is now due to go back on the market for up to £1.5m before it has even been built.”

Before anything has even been built, and while our concerns about the “Big Bang” business model of monstrous development projects are all to be proven erroneous, Battersea Power Station Development Company has actually done what all Battersea Power Station’s previous developers have already proven to be masters at: demolition!

Battersea Power Station: photograph taken by Spectacle on 08/12/2014

The first chimney of Battersea Power Station is gone. In the next weeks we will probably see it to come slowly back to a new life while the other three will start coming down all at once. We hope that the £1.8 billion will give Battersea Power Station Development Company enough energy to prove that, other than demolitions, they are good at building too.

 

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Battersea Power Station: appartamenti fantasma già venduti per £1.8 miliardi!

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English version

Abbiamo appreso dalle pagine del London Evening Standard che “More than £1.8 billion worth of homes have been sold at Battersea Power Station since they went on the market in January last year”. Nessuno di questi appartamenti è stato ancora costruito.

A quanto pare la maggior parte di questi £1.8 miliardi proviene dalle vendite avvenute durante il fortunato lancio globale che la Battersea Power Station Development Company ha organizzato il mese scorso. Come sospettavamo, la ricerca di investitori stanieri non è stata resa difficoltosa dalle paure riguardanti l’esplosione della bolla immobiliare cinese – gli analisti finanziari stanno ancora discutendo su quando ciò avverrà. La minaccia di una Mansion Tax (tassa su immobili di lusso) non ha rallentato la corsa degli investitori stranieri per accaparrarsi il proprio costoso pezzo di Battersea Power Station. Nonostante il mercato immobiliare londinese, come mostrato dal report dell’agenzia immobiliare Knight Frank (vedi sotto), ha mostrato rallentamenti nel corso degli ultimi mesi, le vendite su progetto sembrano funzionare molto bene.Prendendo la Battersea Power Station come esempio di questa tendenza, recentemente The Newstatesman ha scritto:

“Off-plan profits hit the headlines last week with reports that a studio flat in Battersea power station, sold for close to £1m in the spring, is now due to go back on the market for up to £1.5m before it has even been built.”

Prima che sia stato costruito alcunché, e mentre le nostre preoccupazioni riguardanti il “Big Bang” dei modelli finanziari usati dai grandi progetti di sviluppo immobiliare aspettano di essere falsificate dai fatti,  Battersea Power Station Development Company ha già realizzato l’unica cosa che  tutti i precedenti costruttori impegnati nel progetto hanno mostrato di fare con maestria: demolire!

Battersea Power Station: fotografia scattata da Spectacle il giorno 08/12/2014

Battersea Power Station: fotografia scattata da Spectacle il giorno 08/12/2014

La prima ciminiera della Battersea Power Station è andata. Nelle prossime settimane assisteremo con ogni probabilità al suo lento ritorno a nuova vita, mentre le altre tre ciminiere verranno smantellate contemporaneamente. Speriamo che i £1.8 miliardi daranno alla Battersea Power Station Development Company energia sufficiente per provare che, oltre a demolire, sono capaci anche a costruire.

 

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Selling Battersea Power Station over stormy seas

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Versione in Italiano

 

Why has the demolition of the south west chimney at Battersea Power Station apparently come to a stop?

The chimneys as they appeared on September 27th

The chimneys as they appeared on September 27th

Chimneys on October 21th

Chimneys on October 21st

Maybe the project has hit a technical snag- the chimneys are far more robust than the Battersea Power Station Development Company have wanted to admit – but it could also be that it is a barometer of the global economy and an indication of how vulnerable their business model really is. The business model of the current owners, like the previous ones, is a precarious one based on an ever increasing UK property market.

However the current economic climate is not looking good. The property market, according to most informed opinion, has plateaued and, in London, is in danger of going down.

Simon Rubinsohn, Chief Economist at Royal Institution of Chartered Surveyors, in an article about the UK’s Property Market says:

“As a result of the rebalancing in demand and supply, house price growth across the UK appears to be moderating […] prices are still projected to rise nationally over the next year and expected to increase by 2.6% on a 12 month view (compared with around 4% at the start of the year)”
The pound is getting stronger against currencies like the Euro (Milan and Paris are targeted cities for the Battersea Power Station Development Company), making London a less attractive investment and interest rates are going up.

(www.xe.com)

(www.xe.com)

The Labour Party, if they win the election in May 2015, which if due only to the metronomic pendulum swing of UK politics between the two major parties, is a distinct possibility, are promising a “Mansion tax” on all properties worth more than £2m (here is the Royal Institution of Chartered Surveyors’ opinion about the Mansion Tax).

Then there is the UK housing crisis, caused in large part by the selling of London property to foreign investors who have no intention of living in the properties they buy. Whoever wins the next election they need to address this and no solution will leave the property market untouched.

The Financial Times seems to support our worries in a recent article:

“Uncertainty around new property taxes, the strength of the pound on global currency markets and the introduction last year of a tax on homes held through companies have all contributed to the slowdown, according to those involved in trading properties.”

The same article gives us a quite impressive picture of the property market situation.

Some data about English Property Market, as published by Financial Times on

Some data about English Property Market, as published by the Financial Times.

Perhaps the emphasis on selling off-plan to overseas investors is because while there are plenty of rich in the UK  they might be a harder sell being better informed. Overseas investors, basing their judgement on futuristic artists impressions are unlikely to be aware of the smelly and disruptive waste processing plant with its hundreds of daily truck deliveries of reeking rubbish.

Our two faced Mayor of London Boris Johnson, ever the populist, plays it both ways, touring China promoting the London property market as an investment and for a local audience blaming that very market on the chronic housing shortage.

Boris Johnson at the launch of London City Island in Ballymore group sales event in Hong Kong, 18/10/2013) (from http://www.ballymoregroup.com/en-GB/news/41)

Boris Johnson at the launch of London City Island in Ballymore group sales event in Hong Kong, 18/10/2013) (from www.ballymoregroup.com)

It might be coincidence but in the week the Chimney demolition halted it was reported that the Chinese property bubble would burst soon, probably 2015, with catastrophic ripple effect on the global economy and international banking- possibly triggering a global crash.

As Bloomberg reported recently:

“The Chinese crash might make 2008 look like a garden party. As the risks of one increase, it’s worth exploring how it might look. After all, China is now the world’s biggest trading nation, the second-biggest economy and holder of some $4 trillion of foreign-currency reserves. If China does experience a true credit crisis, it would be felt around the world.
[…]
The potential for things careening out of control in China are real. What worries bears such as Patrick Chovanec of Silvercrest Asset Management in New York, is China’s unaltered obsession with building the equivalent of new “Manhattans” almost overnight even as the nation’s financial system shows signs of buckling. As policy makers in Beijing generate even more credit to keep bubbles from bursting, the shadow banking system continues to grow.”

This week the Battersea Power Station Development Company launched their overseas selling campaign of luxury apartments. Three of the cities targeted are Beijing, Shanghai and Hong Kong- all especially vulnerable to the vagaries of the Chinese economy.

The new owners are no different to all the previous owners – they are just better at PR and have better access to overseas markets. As before, despite the excellent PR hype suggesting that “at last work has started”, bolstered shamelessly by a “purse whipped” English Heritage, the only thing the current owners have actually done is demolish – they are taking down the chimneys, demolishing the precious, Grade II listed Victorian pumping station and removing the iconic listed cranes.

In other words the new owners are just flipping the Battersea Power Station. Selling today artists impressions of what MIGHT be built in the future.

We wonder what guarantees prospective buyers have that the off-plan flats they are buying will actually materialise. But then, having more money than sense, they probably do not care.

 

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World Monuments Fund “Watch Day” Walk Battersea Power Station

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Picture 2-4

NINE ELMS: ARCHITECTURAL WALK
COVENT GARDEN FLOWER MARKET – RIVERLIGHT SHOW FLAT – TIDEWAY VILLAGE HOUSEBOATS – BATTERSEA POWER STATION

Lead by Colin Thom of the Survey of London. With contributions from David Waterhouse, Stuart Tappin, Brian Barnes MBE and Keith Garner.
Saturday 27th September 2014. Meet 10.20 am Vauxhall bus garage (by No.87 bus stop) for 10.30 am departure.

To book or for further information contact Sarah Meaker at World Monuments Fund Britain: sarah@wmf.org.uk 020 7251 8142.
Suggested donation of £10 per attendee

Bring packed lunch and sensible shoes. Please advise World Monuments Fund Britain on 020 7251 8142 if you have particular access or mobility requirements.

Itinerary

10.20 Meet Vauxhall bus station. (No.87 bus stop.)

10.30 Depart and introductory talk by Colin Thom about the Vauxhall and Nine Elms area including the listed Brunswick House.

10.40 Covent Garden Flower Market (GMW 1974). Space frame structure using British Steel “Nodus” system.  The building was recently given certificate of immunity from listing by English Heritage. Shortly to be demolished, so the last chance to visit.

11.10 River walk to see the “Thames Hippo” and changing skyline of London.

11.50 Riverlight housing development (Rogers Stirk Harbour + Partners) to see show flat with views of river Thames and London skyline.

12.45 Tideway Village riverboat community to meet David Waterhouse owner of The Newark.
Tea & coffee will be served on the Newark and we will eat our packed lunches.

14.00 Battersea Power Station. (Gate 2 in Kirtling Street.)  Colin Thom will talk about the history of the building.  Stuart Tappin will discuss the demolition of the chimneys which has recently begun.
NB: we will not be entering Battersea Power Station but the building is visible from the road.

14.45 Battersea Dogs Home to see cattery designed by Clough Williams-Ellis. We can see the cattery from Battersea Park Road.

15.00 Gas holder site to see the collection of gas holders. These were also recently given certificate of immunity from listing and are being demolished. The “MAN” gas holder is a German design and is contemporary with Battersea Power Station. The MAN gas holder at Oberhausen in the Ruhr has been reused as an arts space.

15.30 Walk ends at Battersea Park railway station. Grade II listed Italianate station.

NB: times are approximate and may be subject to change. We do not have access to Battersea Power Station or the gas holders site.

Contributors

Colin Thom is an architectural historian working with the Survey of London, formerly at English Heritage and now with University College London. He was co-author of the recently published Battersea volumes of the Survey of London.

Stuart Tappin is an independent consulting engineer specialising in the conservation of historic buildings He is a founder of Stand Consulting Engineers. He is a member of the architectural advisory panel of World Monuments Fund Britain.

David Waterhouse has lived at Tideway Dock for 14 years and created the community now known as Tideway Village. He runs a houseboat business in London and has a small mountain hotel high in the Alps. His love of boats started when he worked for three years on Square Rig sailing ships. He spends his time between London and Switzerland.

Brian Barnes MBE is an artist and mural painted based in Battersea. He was a founder member of Battersea Power Station Community Group in 1983.

Keith Garner is an architect based in Battersea, working on the conservation of historic buildings and landscapes. He is also interested in making buildings more accessible.

 

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A brief update on Battersea Power Station and the Nine Elms development

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bps2

As construction work progresses on the Battersea Power Station site, the Battersea Power Station Development Company’s (BPSDC) ambitious plans for the project appear to be moving rapidly forwards too; last week it was revealed that the company have made an official bid for the proposed Crossrail 2 line to serve the location. An extension of the Northern Line, Charing Cross Branch, is already planned (and will be partially financed by Sime Darby, the Malaysian consortium behind the Battersea Power Station Development Company) from Kennington to the Power Station. The Evening Standard reports that TfL is citing this as a reason to distance itself from the proposal, insisting Battersea Power Station will already be adequately connected.

Meanwhile, on the ground Everyman continue to lease an area in front of the Power Station to screen films and sell expensive, ‘ethnic’ food in the evenings from Thursday to Sunday. Last week our interns, Charlotte and Marta, risked death by falling chimney chunk to check out the event and sneak some surreptitious footage. Surprisingly they survived, reporting only giant Jenga pieces flying around.

Elsewhere, on the neighbouring Nine Elms site, all-consuming construction work has spilled out onto the Thames Path, limiting access to Tideway Village, a floating community of houseboats now overhung by the Riverlight development buildings.

Health and safety gone mad?… Events held at Battersea Power Station despite ‘big chunks falling off’ chimneys

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The first of Battersea Power Station’s emblematic cream chimneys is likely to be demolished this month by its current owners, the Battersea Power Station Development Company (BPSDC), which is part of the Sime Darby consortium. The company claims its intention is to replace the chimneys – which it says are beyond repair (despite evidence to the contrary) – with identical replicas. However both John Broome’s precedent and discrepancies between the company’s reasoning and its actions suggest this might never happen, as, of course, does the commercial potential of the site, without the power station sitting awkwardly in the centre of it.

Footage shows Robert Tincknell, Chief Executive Officer of Battersea Power Station Development Company, insisting that the chimneys have “structurally failed” and that “big chunks are falling off”. However the company continues to lease the site for public events, including Everyman Cinema film screenings and ‘Street Feasts’, held in the shadow of the chimneys Tincknell says are disintegrating. Event-goers have not been told to wear hard hats or other protective gear, but perhaps this is because these things would be useless in the event that an entire chimney is brought down by high wind, as Richard Barrett, an Irish property investor who co-owned Battersea Power Station before it was bought by the Sime Darby consortium, has previously suggested may happen at any time.

The Sime Darby consortium – which has been accused of exploiting the local community at their oil palm plantation in Liberia – have so far put up only £11 million of bond money to guarantee the replacement of the chimneys, a woefully small sum, and one suggested by their own employee, Philip Gullet, Chief Operating Officer at Battersea Power Station Development Company. In addition to this the bond money has been deposited into an account with Malaysian bank CIMB, making it more difficult for Wandsworth Council and English Heritage to access it in the event that Battersea Power Station Development Company default. According to campaigners, it is imperative to its retrieval that the bond money is moved to a British bank account.

In response to these criticisms, Battersea Power Station Development Company have agreed to a meagre compromise; they will demolish one chimney to begin with and must partially rebuild this before they can demolish the other three. This is still flouting the Council’s original rules, which said that the chimneys must be demolished one at a time.
Campaigners believe that partially rebuilding one tower is not enough to guarantee the completion of four new chimneys. They suggest that Battersea Power Station Development Company are clearing the site little by little and point to the fact that, despite owning a vast swathe of riverfront, Battersea Power Station Development Company have removed the power station’s listed cranes purportedly to allow the chimney rubble to be removed by boat. There are concerns that the cranes won’t be brought back, and some consider their removal to be further evidence that Sime Darby have no intention of actually renovating the power station.

However, in an unusually considerate move,Battersea Power Station Development Company have at least set up a helpline number, for those traumatised by the sight of the maimed power station scarring the skyline, perhaps during their daily commute.

Our short video comments on the discrepancy between the developer’s claim that the chimneys are rapidly disintegrating, and their actions in allowing public events to take place on site, directly below the “structurally failed” chimneys. It also includes the helpline number, in case you feel personally disturbed by the destruction of Battersea Power Station.

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Battersea Power Station Chimneys demolition- History repeating

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URGENT NEWS ON BATTERSEA POWER STATION CHIMNEY DEMOLITION

Thursday 12th June representatives of the BPSCG (Battersea Power Station Community Group) met with Paul Landsberg of Wandsworth Borough Council Planning Department to discuss their concerns regarding the legal and financial protections in place ahead of the imminent demolition of the chimneys, in particular whether the bond is in force and whether it is large enough to cover the cost of rebuilding the chimneys should the developer fail to replace them.  What they discovered was deeply disturbing:

The bond money is held in a Malaysian bank, CIMB
The value of the bond for the reconstruction of three and a half chimneys is only £11million.
The value of the bond is based on an estimate supplied by Philip Gullet of the Battersea Power Station Development Company.
This estimate has not been independently checked by cost consultants employed by Wandsworth Council or English Heritage.
The contract sum for the demolition and rebuilding of the chimneys was redacted from the copy of the contract sent to Wandsworth. So it is not possible to compare demolition costs against rebuilding.
The Council does not know if the bond is signed and in force, although the reconstruction contract starts next Monday.

HISTORY REPEATING…

This is all the more alarming in light of what happened when John Broome, the first failed developer of the site, took down but never replaced the west wall and roof, as it remains to this day. The council’s own report in 1989 criticised the woeful lack of safeguards and- some would say- gullibility of the planning officers.

According to Battersea Power Station Community Group the bond money should be held in a British bank if Wandsworth and English Heritage are to have any chance of getting at it in the event of a default.  The total value of the bond also needs to be increased substantially if it is to be able to cover the reconstruction of three and a half chimneys, if a default occurs.

With the chimneys reconstruction contract about to start, it is clear that Wandsworth Council and English Heritage are not protecting our cultural heritage -either in checking the proposed value of the bond or making sure the contract is signed and enforceable before the demolition and reconstruction project starts.

With interest rates about to rise, the possibility of the project failing yet again is increasing by the day.  If this happens when the chimneys are down, and it turns out the bond money isn’t there (as was the case in 1989 after Broome went bust)  the chimneys will never be rebuilt.

We need to rescue Battersea Power Station from these shameless, grey, dozing men who will sell our industrial heritage for peanuts and the enrichment of foreign “investors”. Keep an eye on the revolving door!

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URGENT-Save Battersea Water Pumping Station from demolition

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We, the undersigned, ask Wandsworth Council to refuse listed building consent application 2014/1236 for the demolition of Battersea Water Pumping Station.

Battersea Water Pumping Station is the oldest surviving water pumping station in London.

It was built in 1840 for the Southwark Water Company and extended in 1856.  It housed a series of Cornish engines used for pumping water from the Thames.  At one time the pumping station housed the largest Cornish engine ever built, with a 112″ diameter cylinder.

The building was listed Grade II in 1994.

The pumping station commemorates the rich industrial heritage of the Nine Elms and North Battersea.  It has great potential to encouraging young people to think of science, technology and engineering as important skills worth acquiring.

Retaining and preserving the pumping station would attract visitors to the site and therefore increase footfall for the new facilities that will be open to the public.  It is in everybody’s interest that it is preserved.

We ask Wandsworth Council to initiate discussions with the owner/developer so that the development can be reconfigured to incorporate the pumping station

We further ask Wandsworth Council to convene negotiations between the owner/developer and the Battersea Power Station Company Ltd (a local registered charity) to allow the pumping station to be passed into the latter’s ownership for £1, to allow them to renovate the pumping station with Lottery funding.

Sean Creighton & Keith Garner

June 2014

Stop this cultural vandalism for profit.

PLEASE Sign the petition

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Battersea Power Station – “London Only” sales claim is Bogus

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OLYMPUS DIGITAL CAMERALondon, in recent years, has seen a boom in foreign property investment. With various far Eastern economies generating a new class of super-rich, London’s property market bubble is seen as a safe cash haven for this elite. According to Savills, international premium property retailer, 50% of the capital’s prime central homeowners is now dominated by overseas investors, which is furiously contributing to property price inflation.

Naturally, with Battersea Power Station being such an historically renowned architectural and industrial, Grade II listed, British icon, many are wishing to get a slice of the 400ft riverside views. Malasyian developers, Sime Darby, aim to create 3,500 new homes in 15 years, and have already sold nearly all of the 866 luxury apartments of the initial Circus West (or Phase 1) project, generating $1 billion prior to even being built.

However, much contention surrounded the project when Sime Darby refused to release what percentage of their buyers were domestic or international. With property shows for the Battersea homes, which range from £365,000 per studio flat to £6million per penthouse, advertising in China, Russia and Malaysia it is now clear that around 55% of the homes, went to foreign money before even appearing in the pages of Property Week in Blighty.

BPS3

This flew in the face of London Mayor, Boris Johnson, who had previously pledged that all property developed within the Power Station would be offered to Londoners first. Slightly perversely, the lack of priortisation for local buyers has been marketed as an apparent strain on London’s unaffordable housing problems, despite some penthouse suites retailing for up to £30million. As a result, developers have recently made a big song and dance about the London Launch of the Phase 2 development. These properties are intended to be exclusively on offer to UK residents before they are made globally available. The Battersea Power Station website encourages visitors to “Register an Interest” and Rob Tincknell, CEO of Battersea Power Station Development Company (BPSDC), recently claimed that:

“There has been a lot of comment recently about London’s housing problems and we believe the only way to try and solve this is to build great homes and create a community that people actually want to live in”

However, this PR stunt has recently been unearthed with a simple phone call to Battersea Power Station Development Company sales team. Upon being deciphered as an authentic potential buyer, the mole was told categorically that while there is a strict London-only launch of the Phase 2 properties on 1st May 2014, overseas investors are more than welcome to purchase the prospective homes if they are in the country or through their UK based agents. Therefore demonstrating that the press have once again been romanced into believing that developments of one of the greatest icons in British industrial history will be more than a juicy, international investment for oligarchs and millionaires. They have let this charade by developers go unchallenged and have reported it verbatim, letting our beloved Battersea Power Station slip further and further into flipping international hands.

IMG_9990

 

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