Tag Archives: Battersea Power Station

Battersea Power Station for £1

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The Battersea Power Station Community Group (BPSC) has put in a bid of £1 to buy the Battersea Power Station. If their bid is successful they plan to redevelop the unused site for the local community. Plans include museums, restaurants and music venues.

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Battersea Power Station: Out of the frying pan into the fire

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The horror story continues…

Nightmare on Nine Elm Street

The abysmal Vinoly plans for Battersea Power Station that we had all hoped were finally dead and buried with the collapse of previous owners REO has come back to haunt all who care about the beautiful building and the quality of life for all those living in its shadow and the surrounding area.

Just when you thought it was safe Architect Viñoly has been hired as “creative brain” behind developer Mike Hussey’s plan for a new stadium for Chelsea football club. AAAHHHHHHGGGGG……

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REO collapses into administration

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Real Estate Opportunities has been put into administration by a UK judge after its owners failed to repay debts of £501m owed to Lloyds Banking Group and Ireland’s National Management Asset Agency (NAMA).

Administrators Ernst & Young have taken control of the Grade II listed red-brick building and will now either sell the site or the debt to recover the amount owed. The creditors initially called in the loans on 29 November and REO was inviting offers for its controlling stake in the site soon after.

Lloyds told the Guardian: “From the outset we have been determined to secure a buyer who will kickstart the regeneration of Battersea Power Station and we have done everything possible to give the owners both the time and financial support to achieve this.”


“However, after several months of discussions and still no acceptable offers on the table, administration is the only means we have to ensure that a sales process is put back on track. Without a financially stable owner, the site’s future remains unclear and that’s a situation we want to avoid.”

Keith Garner of the Battersea Power Station Community Group, which opposed the Irish company’s plans, called for the power station to be returned to the public sector, with repairs to be funded by the Heritage Lottery Fund.

The group said on its blog: “For the Battersea Power Station Community Group it is just another ‘new beginning’ as the fourth developer limps off stage to boos and jeers.”

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REO is falling to pieces – literally

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“If there is a high wind one of the chimneys on the power station is  going to come down, so it’s better if you take them down and put them back up so that can’t happen. They’re basically un-reinforced concrete.”
Richard Barret, co-founder of Treasury Holdings, on the redevelopment of Battersea Power Station, October 2011

And just a few months later their fence around the power station was blown over by a strong gust of wind. All four chimneys are still standing strong proving once again that Real Estate Opportunities‘ threats, promises and bank accounts are nothing but empty.


This picture was sent to us by Brian Barnes, founder of the Battersea Power Station Comunity Group.

Your TV tonight: The undead Grey Men of Battersea Power Station

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On ITV’s London Tonight and LBC radio you can watch or hear Ravi Govindia, the leader of Wandsworth Council who, as former cabinet member for “strategic planning and transportation”, is particularly responsible for the failed private-property owner led regeneration of the area,  trying to defend the borough’s pathetic policy towards the obviously flawed and greedy plans for Battersea Power Station.

Only a few days ago George Osborne and Boris Johnson were doing their best to puff the disastrous scheme which is now as all but dead and buried by the creditors calling in their loans.


For the Battersea Power Station Community Group (BPSCG) it is just another “new beginning” as the fourth developer limps off stage to boos and jeers.

Keith Garner is also interviewed calling for the whole site to be put into public ownership for a sensible, viable, gradual development of the historic and beautiful building and its surrounding site. An ideal exhibition for industrial power ( see our previous blogs). Keith cites the difference in the approach of Southwark to the other Gilbert-Scott designed river front power station, the highly successful Tate Modern. Through partnerships and a gradual, planned development it shows what Battersea residents could have had these past 30 years.

WATCH: ITV London Tonight on Battersea Power Station debt

Spectacle’s crew were there today too and will be posting soon the bits of the interviews the broadcaster left out. Including an hilarious episode where the owners try to stop ITV filming by shutting the gates. Perhaps their last act.

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Creditors call in Battersea Power Station debts

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For Sale

 

NAMA and Lloyds  are owed 502 million pounds ($786 million) by the owners of Battersea Power Station and they want their money back. Now.

Despite REO’s attempt at positive spin (see below) their ridiculous plan is over and it is about time the heritage site was brought into public ownership and restored as a site for Industrial Power.

 

Real Estate Opportunities plc (the Company)
Battersea Power Station facilities:

The Company announces that certain subsidiaries (BPS Subsidiaries) of Battersea Power Station Shareholder Vehicle Limited, the holding company of Battersea Power Station formed for the purposes of the restructuring that was announced in April 2011 and which is 54% owned by the Company, have received demand for repayment from Bank of Scotland plc, as agent for the National Asset Management Agency (NAMA) and Lloyds Banking Group the (together the senior lenders), under the senior facilities advanced in respect of the Battersea Power Station site, aggregating approximately £324m, and from Oriental Property Limited under the facilities advanced by it to the BPS Subsidiaries, aggregating approximately £178m. The BPS Subsidiaries are currently not in a position to satisfy these demands for repayment.  The Company has also been advised that NAMA  and Lloyds Banking Group have applied to the English court for the appointment of administrators to certain of the BPS  Subsidiaries and that a hearing for this purpose is to be held on 12 December 2011.
The Company remains in discussions which may result in the disposal of the group’s interest in the Battersea Powerstation site and repayment of associated liabilities.  However, there is no certainty that any such transaction will be effected.
The Company’s other assets, which are situated in Ireland, are unaffected by the above developments. The Company has recently received term sheets from NAMA, the principal lender in respect of its Irish assets, indicating NAMA’s continued support for the Company’s business in Ireland.

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Why the Northern Line extension will never happen

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The recent PR buff on Battersea Power Station has left us no closer to a solution to the issue. Chancellor George Osborne and Mayor of London, Boris Johnson, have been talking about the Northern Line extension and oligarch Roman Abramovich has received media attention by saying that he’s thinking about moving Chelsea Football Club‘s home ground South East of the site.

Extending the Northern line from Kennington to Battersea is one thing – funding the project is another. During the Autumn Statement in the Commons today, Osborne stated that the government will back the project – but did not mention with how much. He also called for “a developer” to contribute to the project and develop the power station site before a deadline of 2013.

The project is still heavily reliant on private funding and current owners Treasury Holdings is going to struggle. A scheme this size, roughly three times the size of Canary Wharf if you include Nine Elms, is always going to be difficult to get up and running at the best of times. But in a recession..?

Giving the Northern Line extension green light and talking up the moribund and equally fantastic Rafael Viñoly’s nightmare vision of gloomy glass canyons, is certainly invaluable property pump priming. And it’s hard to imagine why the Conservatives are so happy to collude in this theatre, given that they held their 2010 election campaign launch under the same chimneys which Battersea Power Station’s owner Richard Barrett, one of the co-founders of Treasury Holdings, once said “would fall in strong wind.”

Recently, Tory dominated Wandsworth Borough Council’s planning committee gave Treasury Holdings permission to demolish the power station’s chimneys on the grounds that they were unsafe. However, many experts disagree and local residents believe that, like the roof which was never replaced, the chimneys will never be re-built once they are gone. If Treasury Holdings really believe that the chimneys are precarious, it shows a very cavalier approach to the health and safety of Her Majesty’s Opposition, as there wasn’t a hard hat in sight.

The Battersea Power Station should become a World Heritage site for industrial power. The site has a unique Victorian Pumping Station with site of the biggest Cornish engine of its day. It also has spectacular gasometers dating from 1910 as well as, of course, the beautiful coal-powered art deco power station.

It would be nice to see Abramovich spend some of his heard-earned billions derived from oil, show some philanthropic decency and rescue the site from the clutches of the myopic grey men. They would simply turn the site into just another crass, desolated, windswept and empty river-front development along the banks of the Thames.

The Big Society was prime minister David Cameron’s flagship policy idea for the 2010 election campaign and has stated that it’s his “mission.” One may ask, if one of the world’s richest men isn’t going to chip in – then who will?

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Industrial heritage “As important as our country homes and castles”

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A new survey from English Heritage has found that listed industrial buildings are at the highest risk of severe neglect. Around 3% of standard grade I and II* listed buildings in England are considered to be at risk, while a staggering 11% of industrial grade I and II* listed buildings are in the same category.

Grade I and II* industrial listed buildings in England cover a variety of structures from across the industrial spectrum including Battersea Power Station.

According the English Heritage the problem is not a lack of appreciation from the public. A poll of public attitudes carried out on their behalf shows that 86% of the public agree that it is important we value and appreciate industrial heritage and 80% think it is just as important as our castles and country houses.

Despite English Heritage’s obvious concerns about the future of listed industrial heritage sites, it seems that they have some problems categorising the status of some of these sites.

Their 2011 Heritage At Risk Register lists both Battersea Power Station and the Victorian Battersea Pumping Station as “Priority D”. This means “Slow decay; solution agreed but not yet implemented”. Which is ambiguously incorrect on both fronts.

Battersea Pumping station:

The report does correctly state that this historic Victorian Pumping station is going to demolished, despite widespread and authoritative opposition, after a planning application was approved by Wandsworth Council in November 2010. So what English Heritage really mean is, it’s going to be knocked down but it hasn’t been done yet. The pump station is crucial, the only reason to demolish it  is it allows the power station owners REO,  to maximise profits. Apparently completely ignoring Malcolm Tucker of the Greater London Industrial Archaeology Society  who previously made it clear “that it should be possible to incorporate the conserved building within the scheme.”

Battersea Power Station:

Again the report offers clarity by stating “fresh planning and listed building applications approved 2010 subject to legal agreement for restoration, extension and conversion of Power Station to provide retail, residential flats, business, cultural, hotel and conference facilities.”

There are two problems here: 1, “D” has been the status of the power station for decades now and little has changed. 2, the fact that legal agreement is required means that a solution has not been agreed.

Priority D is therefore the developers ideal status. Using the “big bang theory of redevelopment” implementation of the “solution” can be almost permanently postponed. Rather than phased conservation and restoration the heavily indebted REO insists their preposterous scheme to “save” the power station depends of a new tube line being dug, which of course will never happen.  They claim that their “solution” to restoration depends on the creation of a whole new urban area- a scheme that looked unlikely even in the height of the property boom.

Meanwhile the building falls into decay and eventually will require demolishing for safety reason giving the developer a clear conscience and nice clear piece of land to build on. Never mind that the nation loses one of its most iconic industrial buildings that are ‘as important as our castles and country homes”.

Of course the developers could “moth ball” both buildings until such time that a genuinely appropriate and viable solution comes along, but there is no need to speculate on why they won’t do that.

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Battersea Power Station chimneys will fall in high wind, claim REO

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Visit Battersea Power Station for some top notch entertainment… except on a windy day, when you’ll get a little more than you bargained for…

http://youtu.be/JWjaLR0v7Ss

Battersea Power Station’s impressive resume as an event venue has spanned across all walks of entertainment categories, from live music concerts to Hollywood movie sets. However,  Battersea’s owners, Real Estate Opportunities (REO),  have recently announced that the station’s four chimneys are dangerously close to toppling and need demolishing.

But if you think that this health and safety nightmare is going to prevent REO and Wandsworth Borough Council from inviting thousands of members of the public into the Grade II* listed building, think again. The next few months entertainment seems bigger than ever.

For instance, this October the Relentless Freeze Festival- the UK’s only snow, ski and music festival- returns to Battersea Power Station.
Here, athletes across skiing and snowboarding will compete on a 32 metres high jump constructed within the power station, complete with 500 tonnes of real snow. As competitors pound the slopes, 4 live stages will host a handful of loud music acts to an audience of up to 40,000.

The station has also been used for the Red Bull X-Fighter season, the world’s biggest Freestyle motocross championships. This November, X-Fighter is likely to attract 30,000 adrenaline junkies wishing to witness the high-octane showdown.

But it was only last Saturday that Richard Barrett, one of the co-founders of Treasury Holdings (which has a majority stake in REO), spoke to Reuters about their chimney conundrum:

“One day (if) there is a high wind there one of them is going to come down so it’s better off you take them down and put them back up so that can’t happen”

“All four of them will have to be taken down and rebuilt,” Barrett said in the interview on the sidelines of an economic forum in Dublin, “They are basically un-reinforced concrete.”

Since 2010, REO has spent nearly half a million pounds surveying and trial-repairing the four chimneys, with the rather predictable conclusion from their surveyors being that they are in “worryingly poor condition”.

Campaigners against REO’s proposals claim that plans to demolish and rebuild the chimneys- at a cost of £12m- may be the beginning of plans to eventually destroy the entire building.

A report opposing REO’s claim, collaborated in 2005 by the World Monument Fund, the Twentieth Century Society and the Battersea Power Station Company, states that there is no evidence to suggest the chimneys are structurally unsound, and that the “reinforced concrete structures” (that’s right Barrett, reinforced) are far from the end of their design life.

Brian Barnes, founder of the Battersea Power Station Community Group, said:
“There is no reason for the chimneys to be destroyed – their condition has been exaggerated.”

Actions often speak louder than words; Wandsworth Borough Council would not allow thousands of people to attend numerous sporting, music and fashion events if they thought REO’s claims were even vaguely true. Unless they plan to hand out hard hats at the beginning of every gig, of course.

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Battersea Power Station: a new home for Chelsea FC?

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Roman Abramovich is looking to relocate Chelsea FC from Stamford Bridge to the disused Battersea Power Station (BPS). The current site only has capacity for 41,800 spectators and hence it is unable to host an anticipated 60,000. Therefore the Russian oligarch has recently injected a huge sum of money into researching alternative venues.

Apart from BPS, Earls Court & Olympia, White City and Imperial Wharf are all potential sites currently under consideration. However, BPS seems to be most sensible choice due to its convenient size and availability, The Guardian writes.

The final “yes” or “no” is not only up to the Russian as once again Chelsea Pitch Owners (CPO) are exercising their contractual rights. 12,000 shareholders are legally entitled to the name Chelsea Football Club and if it moves elsewhere, Abramovich needs the CPO’s permission to use this well-known trade name. In order to get them on his side, the oligarch made an offer to CPO on Tuesday promising to give perks of priority rights to purchase season tickets and a roll of honor at the new stadium.

It might be worth mentioning that the US Embassy’s future offices could be right next to Chelsea FC’s new stadium in Battersea and one may wonder if anyone asked the American diplomats for their opinion on rubbing shoulders with football fans…

 

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