The Battersea Power Station has lain empty since it was decommissioned in 1983 until a Malaysian consortium bought the 17-hectare (42-acre) site for £400m in 2012. The £9bn project to revamp the Grade II listed building is the centrepiece of a mile-long development of offices and apartment towers on the south bank of the Thames stretching from Vauxhall to Chelsea Bridge. It is one of the biggest building sites in Europe, employing 3,000 construction workers. The project is scheduled for completion in 2026.
The regeneration of the Battersea Power Station’s 42 acre site is being managed by Battersea Power Station Development Company (BPSDC). This project is just one part of an estimated (£13 billion) mega development in the surrounding Nine Elms district, one of the most expensive developments in the city’s history. The redevelopment is being delivered in three phases; Phase 1 (Mixed-use development), Phase 2 (Redevelopment of the power station building itself) and Phase 3 (New homes and a new high street). The masterplan involves at least 1.25m square feet of office space and 4,239 swanky new homes, shops, restaurants, bars, cafes, hotels, community and leisure facilities and 18 acres of open space.
Battersea Power Station Community Group (BPSCG) and some locals strongly campaigns against the project, questioning the social and economic benefits to the area. However the UK government has shown support to the scheme with a £1billion loan and a guarantee to extend the Northern Line underground to Nine Elms and Battersea.
Produce a 1500 word report about this strategic regeneration project taking into consideration the following issues:
The business case for Battersea Power Station redevelopment project
Managing the varying interest of the different stakeholders
Funding and financial arrangement for the project
Delivering value for money for the project
Impact of the recent Brexit vote on the project