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Battersea Redevelopment Scheme

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Wandsworth Borough Council recently acknowledged the dedicated hard work of six volunteers. See this article from the Council to read about these people. Their commitment is a shining example of the potential to locally promote the concept of opportunity.

That is in stark contrast to the proposed redevelopment scheme around Battersea Power Station. If the scheme is to go ahead the lowest sale price will be in the region of £700,000. It is not designed for local growth; for one, the average London resident cannot come close to affording the prices, and, secondly, the primary purpose is to attract eastern investors. Have a read of this article from the Architect’s Journal. Battersea is a borough proud of its heritage, including of course a long-standing association with the world famous power station. As the AJ article also highlights, local residents’ view of the power station will be severely disrupted. The redevelopment scheme, apart from damaging the view of the power station, will impose a mono-culture of gentrification resembling Canary Wharf.

London Mayor Boris Johnson hailed the scheme as the greatest source of growth in London since Canary Wharf. Indeed attracting foreign investment, as the scheme will likely do, would be of huge benefit to the financial district. However, it is difficult to see the economic benefits on a local level. Johnson stated his target of creating 25,000 jobs but any involvement in the development’s construction appears unlikely or low key since the corporate firms involved will bring in employees from exterior regions and any local work would merely be temporary. Ultimately, the scheme will work to spread the social divide that has been so horribly exposed in post-2008 Britain.

Anyhow, the scheme cannot progress in the first place without the long-planned extension of the Northern line to the Battersea power station. There is no doubt of the necessity to improve Battersea’s transport links and in recent days the matter has made headlines following Chancellor George Osborne’s announcement of a £1billion loan for the extension to happen. This, as we see it, is questionable. If the government had full confidence in the extension, would they not have made a direct investment, expressing their belief in the economic benefits that it should guarantee?

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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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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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West Ham Stadium Deal Collapse to Cost Taxpayers Millions

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Tax-payers will now find themselves paying a multi-million pound bill, as West Ham’s plans to buy the Olympic Stadium in Stratford have fallen through.

West Ham were in line to purchase the stadium after the 2012 Games, with the support of a £40 million fund from Newham Council. However, rival bidders Tottenham Hotspur argued that the fund was an ‘unfair advantage’ and claimed that West Ham were receiving ‘illegal state aid’, sparking a legal battle between the two teams.  Challenges from Leyton Orient football club and an anonymous complaint to the European Commission also created a great deal of uncertainty around the deal. As a result Newham Council has now said they no longer want to proceed.

‘…the Olympic Park Legacy Company (OPLC) received a letter from Newham Council yesterday saying because of the uncertainty that they no longer wanted to proceed’

The stadium is now to be state-owned instead and will be rented out to football clubs, rather that sold. Boris Johnson and ministers are claiming that this is the best solution, with the greatest long-term results for taxpayers:

”…We’ve come up with a very good solution to keep it in public hands and rent it to football clubs… that will be a very good deal”

Yet, taxpayers will now have to meet the contribution that would have be made by West Ham and Newham Council towards the conversion of the stadium, resulting in a multi-million pound bill. They may also find themselves paying for any annual losses that the stadium makes – a fate that has been met at previous Olympic sites.

Some experts say it will turn out to be the most expensive venue of its kind in the world- more debt Legacy.

The Olympic Park Legacy Company will now have to begin looking for a new tenant to rent the stadium. It has been confirmed that West Ham will be bidding again, but it is yet to be made clear whether renting the stadium will turn out to be a better deal for the East London football team.

 

 

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50,000 promised Olympic Jobs becomes 70,000 unpaid McVolunteers

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No Jobs only McVolunteers

No Jobs only McVolunteers

Countless employers are now facing the problem of dealing with twenty three working days without key employees come 2012.  The deadline to volunteer for the Olympics is the 27th of October, 2010. The London 2012 Olympics Organising Committee (LOCOG) have stated that 70,000 voluntary positions need to be filled, but more than 100,000  people have already applied. The voluntary roles consist of general and specialised positions, from desk staff, events stewards and drivers. Volunteers must work for a minimum of 10 days for the Games, and 20 for the Paralympic Games. Training is also mandatory for all participants.

There are also a further 8000 positions to be filled for the role of “London Ambassadors”, which would involve helping the vastly overstated and questionable increase of tourists and visitors in 2012 find their way around the city.

For more information visit.

These voluntary positions have been the source of much controversy. Back in 2007 London’s Employment and Skills Taskforce and the London Development Agency (LDA) were talking of the Olympics creating up to 50,000 new jobs in the Lower Lea Valley. Dee Doocey, chair of the Committee for Economic Development, Culture, Sport, and Tourism, the leading committee on the London Assembly for scrutinising the Olympics, commented on the announcement of a new ‘Living Wage’ for London of £7.20 an hour:

“The Mayor and Seb Coe signed an ‘Ethical contract’ with London Citizens before winning the Olympics, promising a Living Wage for everyone involved. Yet to date, no Living Wage has been included in the contracts allocated and Seb Coe told the London Assembly that ‘any of the issues about a living wage is a consideration, not a condition’. This is of great concern because LOCOG will be letting contracts for all the traditionally low paid jobs such as catering and cleaning. As for local businesses exploiting the games, as Coe had suggested, it is more likely that existing businesses will be endangered.”

The “workers” will be given Macdonalds meals and bus travel for the day, but are not even allowed free tickets for the events. To read more on this click here, here, and here.

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Number of McDonald’s Trained 2012 Olympic Volunteers Increases by 8,000

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Photo By Fakelvis

Lord Coe launched London organising committee’s Olympic volunteering programme yesterday. Since the previous blog post on the matter, the 70,000 McDonald’s trained Olympic volunteers have risen up to 78,000, as Boris Johnson embarks on his quest to search for an additional 8,000 to act as “the face of the capital” for visitors. Coe claims the 2012 Olympics to be the “biggest thing happening in his lifetime”, stating that everyone should attempt to be a part of it in one way or another. To attract candidates, Coe declares: “If you don’t volunteer now, you won’t volunteer. Make sure you know how you’re going to be involved.” He stresses the importance of acquiring the “best of the best” volunteers, as they are the first thing Olympic visitors will see as they arrive at the Olympic Park.

The first person you see when you arrive at the Olympic Park is likely to be a volunteer [wearing a Mc Donald’s T-shirt], the first person you see on the Javelin Train is going to be a volunteer [wearing a Mc Donald’s T-shirt].        Seb Coe.

Inevitably, it wont just be the volunteers’ faces the visitors will be greeted with- the volunteers will, of course, be wearing the famous McDonald’s t-shirts, providing the company with an easy way of free advertising. The question is, what do the volunteers get out of it (apart from carrying out the role of a McDonald’s advertising mascot)? They will first be going through 3 days of training, followed by 10 full days of work during the Olympics/Paralympics. Surely this grants them a ticket to the actual games? No. Or, at least, a so called “non-event” ticket allowing access to the Olympic Park without actually seeing the games? No. Instead, the volunteers receive meal vouchers (McDonald’s, of course), and free public transport on working days. This applies to general volunteers, as well as those with special skills, such as medics. Is a free lunch and a bus ticket really a fair method of payment, McDonald’s? This is starting to look more and more like 78,000 unpaid “McJobs”. Where are the promised jobs?

The medics might be volunteers but at least you know the burger flippers are paid professionals.

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