Tideway Village in Nine Elms under threat

Aug 24 2010 Published by under Battersea Power Station

The Tideway Village is a community of houseboats moored in an inlet dock a short way down the river from Battersea Power Station. Property developers Berkeley Homes are involved in the regeneration of the so called Nine Elms Opportunity Area which encompasses the dock and have met with opposition from the residents of the houseboats for their apparent plans to remove the boats from their moorings. The residents were dismayed to hear that they had not been invited to the consultation concerning Berkeley’s plans for the area. After another consultation was held, they were shocked to find that in place of their homes there was a sort of floating garden.

The rightly outraged villagers started a petition and a media campaign to raise awareness about their situation. The BBC paid a visit as did the Evening Standard. After seemingly contacting Berkeley homes; the Evening Standard claimed a victory for the houseboat community and that Berkeley Homes had listened to them and removed the dock from their plans.

However Berkeley have made no Official Statement with regards to the continued presence of the houseboat community and their official website concerning the Tideway Wharf development still omits the boats and depicts a floating garden in their stead. See the Architectural Details and Summary of Our Proposals (links open as PDFs) sections of their website for graphic depictions of the proposed garden.

As far as the Tideway Village (and Spectacle) are concerned, Berkeley still plans to remove them from their moorings and the villagers campaign is still underway.

Interviews with the residents can be viewed here.

Please visit the Tideway Village community website and definitely sign their petition to safe this little pocket of individuality on the increasingly homogenized bank of Thames.

Spectacle will be keeping an eye on the situation and has added the Tideway Village to its Battersea Power Station project page as part of our ongoing interest in the Battersea and Nine Elms area development.

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Storms brewing over REO personnel?

Jul 13 2010 Published by under Battersea Power Station

You’d think that with debts up to their eyeballs, and Wandsworth Borough Council’s decision on planning permission still in the balance, the owners of Battersea Power Station would have enough to worry about.

But now new allegations have arisen in the Irish media about certain figures involved in REO, the property firm that owns the site.

The Irish Independent has reported that Willie McAteer, formerly finance director of Anglo Irish Bank, which loaned money to REO, also owns a stake in the company.

McAteer was also arrested and questioned by the Irish fraud squad in March 2010 following his resignation from the board of bailed out bank Anglo Irish in 2009.

Meanwhile accusations of irresponsible behaviour are in the air directed at Johnny Ronan, one of the owners of Treasury Holdings, REO’s largest stakeholder, with an opinion piece in the same newspaper accusing him of reckless spending. Mr Ronan’s children’s ‘lavish birthday parties…costing hundreds of thousands of euro’ come under fire.

This only adds to speculation on the propriety of his behaviour – in March the Irish Times reported that he was ‘standing down’ from his position for a few months, following embarrassing revelations about his love life.

It seems Mr Ronan had been embroiled with arguments with a former girlfriend after being found taking extended lunches and private jet trips to Morocco with a former Miss World.

Not responsible behaviour, some might say, for a man whose company has debts funded by the Irish taxpayer to the tune of more than a billion euro.

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How much is Battersea Power Station worth?

Jul 12 2010 Published by under Battersea Power Station

Detail of a slide from REO's presentation to the Battersea Power Station Community Group

Even if you take the question in its strict financial sense, it’s not as simple as you might think.

Property consultants King Sturge valued the site at £388m in February of this year. But read the small print and you see that this value depends on some factors which are still in flux: the obtaining of planning permission, the extension of the Northern line to Battersea, and the availability of funding for REO’s huge debts.

To take the first issue of planning permission, that’s a decision that’s going to be made by Wandsworth Borough Council later this summer.

And it might not be as cut and dried at the developers hope: several groups are opposing the plans, including the Kew Bridge Engines Trust, 20th Century Society, Battersea Society, SAVE, and the Greater London Industrial Archaeology Society. The Victorian Society have also made a formal written objection and recorded an interview with Spectacle on their attitude towards the developers’ plans.

Even supposing the planning proposal is given the go-ahead, it’s unclear how valuable the site will be, given REO’s reluctance to say what proportion of the site will be made up of affordable housing.

Even now, when the site has none of the “essential” planning permission in place, the valuation of £388m suggests a value-per-acre of £10m. A little high, perhaps, given that Capital & Counties exhibition centre in Earls Court, which already generates income and has ready transport links, is valued at £6m per acre.

This second point of transport links, and the extension of the Northern line to Battersea, is also up for discussion.

No public money is being put towards it from either the mayor’s office or the Department of Transport, so it looks like it would have to be privately funded. The REO’s estimated cost at the moment is £200m – seen by some as a hopelessly optimistic figure.

And even if the price of building the tube link remained on target, it’s uncertain where REO would find £200m, given the company’s unfortunate financial position and hefty debts.

It’s hard to see how a valuation of the Battersea Power Station site, and of its worth to the developers, can be at all conclusive. £388m is an attractive figure for a company mired in debt, but to anyone else it looks optimistic at best, and at worst completely unrealistic. It is also £12m less than REO paid for the site.

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Battersea Power Station owners deep in debt

Jul 09 2010 Published by under Battersea Power Station

REO co-owner Rob Tincknell

Property firm REO, whose portfolio includes Battersea Power Station, owes millions of euro to its banks, and to the Irish taxpayer.

The company owes a total of €2bn to its banks. This includes nearly €1bn owed to Nama, Ireland’s National Asset Management Agency – set up by the Irish government to take on the debts of banks bailed out in the financial crisis.

With a property portfolio valued at €1.3bn (including the Battersea site, whose valuation is problematic in itself), the company’s debts now far outstrip its assets.

That’s not the end of REO’s problems: it recorded a pre-tax loss of £900m for the 14 months to February 2010. The announcement of those accounts, in June this year, caused a 50% fall in the company’s share price, taking it down to just 8 pence per share, and a market value below £40m. The company is not in good financial health.

So it’s perhaps not surprising that REO are looking to separate the potentially lucrative Battersea Power Station site from the company as a whole. They hope to draw off the property into a separate company, and list it on the stock market before the end of the year.

Investment partners are being sought to help fund the project, with international property groups and Middle Eastern wealth funds thought to be expressing interest.

But these grand plans could be brought to a halt if Wandsworth Borough Council decide not to grant planning permission. Elsewhere on the Spectacle Blog you can find out more about the historical preservation groups who are opposing the developer’s plans for the site.

You can also watch our interview with Alex Baldwin of the Victorian Society and other clips about the power station in the Spectacle video archive.

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See our Battersea Power Station project pages for more information and videos.

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Treasury Holdings Northern Line Battersea Extension Plans

Jun 10 2010 Published by under Battersea Power Station

As we have mentioned here on the Spectacle blog previously; owners of Battersea Power Station, REO (Real Estate Opportunities), have some illustrious plans to bring the Northern line to the Power Station. The project has received support from the mayor’s office but no public money is being put towards it from either the mayor’s office or the Department of Transport. This extension would serve to sever the two branches of the Northern Line so that only Bank services would travel to Morden and Charing Cross services would end in Battersea. As it is very few Charing Cross branch trains travel past Kennington. Far from benefiting the local community, this extension is effectively an attempt to build a private station for a private development with little to no concern for the local people.

In typical architectural consultation manner, they’ve produced 4 proposals and asked people to choose which one they believe will be the most beneficial. One of these maps is reproduced below and they can also be found over at London Reconnections along with some other useful information about the extension plans.

As can be observed on the below map taken from OpenStreetMap, REO’s consultation map conveniently crops Victoria station and forgets to label Queenstown Road and Battersea Park stations. The South London Line which runs from Victoria and London Bridge passes through Battersea Park station thus the Power Station site is already connected to these two major stations. Additionally Queenstown Road station, five minutes walk from the Power Station site, is one stop away from Vauxhall Station. With these two connections to major stations very nearby, surely extending the tube to the area is a bit over the top? Tunneling is not a cheap process after all.

Another proposal suggests extending the Northern Line to Vauxhall en route to the new Battersea station, but as we mentioned, Vauxhall is already easily reachable from Queenstown Road station and is in fact actually quite a crowded station already. The other two proposals suggest an intermediary station in Nine Elms, either around New Covent Garden Market or at the site of the current Sainsburys. The intention here is to serve the Nine Elms opportunity area and the new planned US Embassy (allegedly their 12 storey embassy building requires some underground facilities). However a few more buses in the area could easily serve this purpose or even a small tram service which would be far cheaper than costly tunneling. Besides, Vauxhall is really only a short walk away.

The consultation has included a Freepost Questionnaire for anyone who would like to inform Treasury/REO how they feel about the proposals. It is also worth considering that Treasury Holdings are conducting the consultation themselves and likely have no obligation to share the results. Either way, how would the public know that any published results of the consultation would match up with the actual results?

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