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

Dec 19 2011 Published by under Battersea Power Station

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

Dec 01 2011 Published by under Battersea Power Station

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

Dec 01 2011 Published by under Battersea Power Station

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

Nov 29 2011 Published by under Battersea Power Station

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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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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BLACK HELICOPTERS OVER BATTERSEA POWER STATION

Dec 03 2009 Published by under Battersea Power Station, planA

REO, current owners of Battersea Power Station, like all previous owners, have been reluctant to allow any local community use of the site. However they have clearly made parts of the site available to some hand picked users, such as private helicopter operators.

Private helicopter taking off from Battersea Power Station

Private helicopter taking off from Battersea Power Station

So while the principle of allowing use of the site is established there is no transparent decision making process for allowing community or public use of the site – it seems to be at the whim and gift of REO’s private patronage.

There does not seem to have been any consultation on the noisy informal heliport.  It would also appear that the helicopter is flying outside the compulsory Helicopter flight route over the Thames. If it is a single engined helicopter it should only be flying over the Thames in the London Control Zone. Helicopters taking off from Battersea Power Station fly south inland flying over residential areas.

Helicopter landing at Battersea Power Station

Helicopter landing at Battersea Power Station

If you are concerned about noise from helicopters you might be interested to read  In a Spin- A review of Helicopter Noise by London Assembly Environment Committee

Visit Spectacle’s on-going Battersea Power Station Project

Watch a video trailer here: Battersea Power Station – The Story So Far

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If you live in the neighbourhood and would like to get involved, contact us here putting Battersea Power Station in your message.

Click here to view more Battersea Power Station links

Spectacle Home Page

If you would like to object to the planning applications for Battersea Power Station you have until January 31st 2010 click here for more details.

For more information about Spectacle’s Battersea Power Station project including video interviews.

To read more blogs about Battersea Power Station

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Battersea Power Station Original Plans

Nov 03 2009 Published by under Battersea Power Station, planA

Courtesy of Brian Barnes of the Battersea Power Station Community Group, what we have beneath are some of the original plans for the station, fuelling the debate on what the site should now be used for.

IMG_0214

IMG_0215

IMG_0216

Visit Spectacle’s on-going Battersea Power Station Project

Watch a video trailer here: Battersea Power Station – The Story So Far

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If you live in the neighbourhood and would like to get involved, contact us here putting Battersea Power Station in your message.

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Battersea Power Station owner £1.62 billion in debt

Aug 28 2009 Published by under Battersea Power Station, planA

Real Estate Opportunities, the current owners of Battersea Power Station are £1.62 billion in debt. Its auditors at KPMG believe its £1.62 billion debt pile and the collapse in property values could sink the company and therefore its controversial plans for the Battersea Power Station.

Locals might sigh in relief that the ugly, grandiose and greedy plan might not happen but this is just another episode in the “pass the parcel” property game where the lucky winner will be the owner who gets permission to knock it down and make a killing.

This waiting game by a succession of property speculators, they are not “developers” as they have done nothing but knock up artist impressions and take the roof off, means the whole area continues to suffer from planning blight. It is time the Power Station was taken back into public ownership as a London amenity like its sucessful sister building the Tate Modern.

When will English Heritage, the London Mayor or Wandsworth council act?

Doubt plagues Battersea after owner suffers crippling debts

Visit Spectacle’s on-going Battersea Power Station Project

Watch a video trailer here: Battersea Power Station – The Story So Far

Subscribe to our newsletter mailing list, visit our contact page to subscribe

If you live in the neighbourhood and would like to get involved, contact us here putting Battersea Power Station in your message.

Click here for more Battersea Power Station links

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