Battersea Power Station – The untold story of the East Wall.

According to news emanating from the developers of Battersea Power Station via the Evening Standard– Apple (the suits not the manufacturing) plan to occupy almost half of the beloved art deco building (500,000 square feet) in 2021, relocating 1,400 of its employees from Oxford Circus to Giles Gilbert Scott’s masterpiece.

Despite the expectation of a bright future, the shine has come off the PR coup as the building Apple is moving into, won’t be the Battersea Power Station, but rather a new built Battersea Fake Station. After decades of demolition by stealth, in order to provide daylight to the new office spaces, the East Wall has been demolished. The celebrated expanses of patterned brickwork will be replaced with new Art Deco-Style windows.

The historic brick work East Wall came down just a few weeks ago. It was only after the white plastic scaffold covering was removed that activists and residents realised that the East wall had gone.

East side of the Battersea Power Station without the wall - Work in Progress...

What’s left of the Battersea Power Station – The unexpected demolition of the East Wall.

Battersea Power Station and the unexpected demolition of the East wall.

View from the East side of the Power Station without the wall – Demolition in progress … (?!)

Silence in the news left everyone unaware of this latest act of heritage vandalism. Why this lack of information? And what’s the reason behind this decision to demolish? Conservation or profit?

In our film ‘Battersea Power Station: Selling an Icon’, Nigel Barker, Planning and Conservation Director for London at Historic England (formerly English Heritage), described the principle of putting glazing into the East Wall as “quite challenging”.

He added: “One of the key characteristics of the power station was large blank areas of patterned brickwork.”… “If you are going to use that building, if it is going to have a new future then you are going to have to get new light in there.”…”So the decision was taken. Providing (that) the glazing is done in a way that respects and responds to the original design, then we can see it happening.”

Battersea Power Station Development Company got planning permission to put windows in the wall. But what Spectacle and the residents did not know is that they had to knock down the whole wall to realise this plan. Did Historic England know? If so, how does it fit in with their principles of conservation?

Plastic model of the Power Station redevelopment plan.

Plastic model of the Power Station redevelopment plan.

Brian Barnes, founding member of the Battersea Power Station Community Group that has fought for the protection of the site since the 1980s, said that everything has been done “behind closed doors” without any consultation. He reminds us that behind the development planning application there are over 600 documents and many subsequent “variations” which makes it hard to grasp what exactly is going on.

The lack of clarity and the broken promises leave residents and fans of the Art Deco masterpiece with many unanswered questions about the future of Battersea Power Station-  the biggest brick building in Europe.

Rob Tincknell, CEO of the Battersea Power Station Development Company, told The Guardian: “to fill the power station with shops, offices, luxury apartments and £30m-plus penthouses, and surround it with yet more apartment blocks [… is] paying for this [restoration]. You don’t just regenerate this out of thin air.” But this is not restoration: it is desecration.

It started with John Broome in the 1980s who demolished the West Wall and took off the roof. This three decades long process of demolition by stealth of the heritage site has been allowed by Wandsworth Council.

As we can see, the West Wall has never been rebuilt.  Apparently the plan is to create a glass wall so that the luxury ‘ghost’ flats can have the daylight coming through. But the questions are – Who is going to profit and at what cost to us all and to the future generations? Why have the agencies responsible for the protection of our heritage connived in this greedy exploitation of our cultural assets?

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Battersea Power Station – what is the future?

Our film Battersea Power Station: Selling an Icon, has recently been screened at Goldsmiths University, in Leiden as part of the LISFE Architecture Week, and at the 3rd International Congress on Industrial Heritage in Lisbon. These screenings have generated further interest in the tragic plight of this building and the detrimental effects of developer led conservation on listed buildings. Combined with the recent unveiling of the new Tate Modern extension, it raises questions over how the unlisted Bankside Power Station is protected by public use and interest, while the listed Battersea Power Station, still standing with just one chimney, is for private profit only.

BPS

Battersea Power Station with one fake chimney.

Keith Garner, an architect who works on the conservation of historic buildings and landscapes, is a member of the Battersea Power Station Community Group, and is featured in the film. At the Lisbon conference, Garner and Kett Murphy delivered a presentation, ‘Power Stations for the People’, which highlighted the comparison between the redevelopment of Battersea Power Station against that of Bankside Power Station, which has since become the Tate Modern. While Bankside was regenerated for recreational purposes very successfully, Battersea Power Station continues to lie at the mercy of aggressive speculative development. The contrasting redevelopment of these two buildings is crucial in understanding the issues of building preservation in an age of redevelopment.

Both Bankside and Battersea Power Station were designed by Sir Giles Gilbert Scott, described as ‘cathedrals of power’, and considered of major architectural importance. And yet, when it came to development plans for both buildings, only Bankside’s value as a potential public asset was considered. When the Tate Modern acquired the building in 1994 to house a collection of modern art, it ultimately revitalised the area, while still maintaining the original character of the building. The transition from power station to art museum is today considered a huge success. Following the gallery’s £260m revamp, which was launched on June 17, the Chairman of the Tate stated that: ‘A building that was once London’s beating heart is now its cultural cathedral.’

However, as Garner and Murphy highlighted at the Lisbon conference, the development plans for Battersea Power Station don’t seem to be focused around the preservation of a listed Art Deco building, or the drive to create another cultural space like the Tate. Under the financing of Malaysian real estate investment consortium, led by Sime Darby, the power station will be swamped by high rise, luxury apartments, enclosed in a gated community and only accessible to the public during the day. As we have previously reported, the power station itself is in danger of becoming virtually unrecognisable, with growing concern over whether the iconic chimneys will ever be rebuilt. Unlike the regeneration of the Tate Modern, whose success is ultimately based on its inclusivity and openness, Battersea, as we have tried to highlight in our film, is becoming defined by its elitism and exclusivity. Despite Boris Johnson’s pledges that property developed at the power station would be sold to Londoners first, our investigations suggest otherwise, with findings exposing that 55% of the homes sold so far actually went to foreign money.

Battersea’s ‘regeneration’ threatens to be solely for the purpose of private economic gain. As Garner asserts, the developers have taken ‘no account of its (Battersea Power Station) dignity, reverence and serenity.’ The Battersea Power Station Community Group’s plans have ultimately been realised in the Tate Modern. However, the recent Switch House extension, a 200ft pyramid-like tower featuring three new galleries and a panoramic roof terrace, just reinforces how, if re-development and preservation had started with Battersea rather than Bankside, which is a third of the size, no such extensions would have been needed. Instead, funds are raised in order for the Tate to house 60% more artworks, whilst Battersea Power Station falls into further dereliction.

Through the re-circulating of our film, these issues of developer led conservation are once again being brought to attention. The way the Tate extension is being praised for transforming the building into ‘one of the world’s cutting edge art spaces’, only emphasises the stark contrast between the two power stations. Our film remains essential in raising an awareness that heritage led regeneration cannot, ultimately, be short-circuited, and that respect for the historic environment is paramount.

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Battersea Power Station: Selling an Icon

We are pleased to announce the launch of the film Battersea Power Station: Selling an Icon.

Battersea Power Station: Selling an Icon from Spectacle Media on Vimeo.

Battersea Power Station: Selling an Icon tells the story of Battersea Power Station from its prominence as a site of industrial power through the years of dereliction, speculation and planning blight to the replacement of the chimneys under the current scheme – a key example of developer-led preservation.

Filmed over 15 years, Spectacle’s new documentary follows the grassroots campaigns of Battersea Power Station Community Group to preserve the building for the public good. It takes us straight to the heart of the current conservation debate about whether – and how – historic buildings should be preserved, governed, modified or replaced, and ‘who’ they belong to.

Battersea Power Station: Selling an Icon is unique in raising awareness to the plight of historic building preservation in an age of aggressive ‘big business’ redevelopment and gives voice to the local communities, rarely consulted and often overlooked.

The project was made possible by World Monuments Fund through support from American Express.

The film is available for free private viewing for individuals. Institutions and libraries can buy or rent the film on Vimeo on Demand.

It is also possible to purchase a DVD on our web page.

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Battersea Arts Station – Free marketing

 

battersea arts final

Battersea Power Station Development Company’s  “Battersea Art Station”- by submitting artists give consent for unpaid use for the company’s marketing.

Battersea Power Station Development Company has organised an art competition Battersea Arts Station hosted at the Battersea Arts Centre, an open weekend on the 25th-27th September exhibiting art inspired by Battersea Power Station. Amateur and professional artists were invited to submit work of the iconic building and now have the chance of being awarded prizes.

On the first of September Battersea Power Station Development Company announced that over 500 artworks had been submitted from all around the world including photography, poetry, oil paintings and cast iron sculptures. What they didn’t mention was that the artists might have faced a surprise after submitting their artwork.

Before the artists submitted their art they had access to the Data Protection terms and conditions. However they were not able to see the terms and conditions of having their work displayed at the exhibition until after submitting. Yet submitting meant they agree to these unseen terms and conditions. These could only be read and agreed to once the form had been fully filled out and the artists’ work submitted.

Therefore the artists were unaware that the Battersea Arts Station, part of the Battersea Power Station Development Company, intend to use the artists’ work for marketing, promotional or broadcasting purposes, as well as reproduction without paying.

Here is a section of the terms and conditions which the artists only saw after they submitted their work (BPSDC is the Battersea Power Station Development Company):

10.2 By submitting Work(s), You consent to BPSDC and/or BAC and/or another third party permitted by the BPSDC or BAC: (1) filming and making available the whole or any part of the Work(s), including but not limited to the right to include the Work(s) in any broadcast (and rebroadcast) by any broadcaster (including the BBC) and any licensees of any broadcaster; (2) filming, broadcasting and/or reproducing the whole or any part of the Work(s) for archival, educational, publicity and marketing (including without limitation on the website, exhibition posters, leaflets, private view cards and all forms of social media), press, signage, gallery guide and catalogue purposes and (3) reproducing images of the whole or any part of the Work(s) from the Website that have been submitted by You. The above consent is irrevocable and given without payment of any fee or royalty and includes consent to make available the Work(s) in all media (including without limitation all forms of electronic and social media) for perpetuity and on a world-wide basis.

We await to see what kind of art is submitted but no doubt the winners will be be suitable for (free) marketing purposes.

Co-written by Elina Kuusio

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SPECTACLE ANNOUNCES NEW FILM ON BATTERSEA POWER STATION

PRESS RELEASE: SPECTACLE ANNOUNCES NEW FILM ON BATTERSEA POWER STATION

Where's the Chimney?

Where the Ducks the Chimney? Battersea Power Station 2015

Spectacle has announced that work has begun on its new film about Battersea Power Station, commissioned by the World Monuments Fund and American Express. The film is due for release in Autumn 2015.

The film will look at the historical and architectural significance of the power station, as well as the tireless efforts of the Battersea Power Station Community Group (BPSCG) which have led a grassroots campaign to preserve the building for the public good since the early 80s.

Working with the BPSCG, the film will raise awareness to the plight of building preservation in an age of redevelopment. The redevelopment of Battersea Power Station has aroused a passionate and highly-charged debate about whether – and how – iconic buildings should be governed, preserved, modified or replaced, and ‘who’ they belong to. As Colin Thom concludes in the Survey of London Chapter: “Perhaps more than any other structure today it represents the impotence of the heritage lobby when faced with big business at its most rapacious.”

The film will follow this debate in an even-handed, factual and interesting way, becoming a case study for similar issues in other cities around the world where a historic building finds itself on a high value site.

From gracing the covers of a Pink Floyd album to generating a fifth of London’s energy at its height, Battersea Power Station is a creation steeped in industrial history and rich in meaning. With stunning imagery throughout the ages – some from Spectacle’s archive and others newly shot – the film will reveal, in a unique manner, some of that history and meaning. It will raise awareness to the needs for preservation and the current challenges faced by conservation.

***
About Spectacle

Spectacle is an award-winning independent television production company specialising in documentary, community-based investigative journalism and participatory media.  Spectacle has been documenting the changing landscape around Battersea Power Station for the past 15+ years.

Spectacle’s film work has been exhibited at galleries worldwide, including Tate Britain, Tate Modern, Tate Liverpool. The Photographers Gallery, Institute of Contemporary Art, National Film Theatre in London. Glasgow Centre for Contemporary Art, National Architecture Institute Netherlands, Kunstverein Hamburg, Pianofabriek and “Bozar” Brussels.

It’s broadcast films include “Battle of Trafalgar”, (Winner of Prix du Public Nyon Film Documentaire), “The Truth Lies in Rostock” (Nyon Documentary Award Special Mention).  The Guantanamo films- “Outside The Law” &   “Shaker Aamer: a decade of injustice”.

 

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Mainstream media on Battersea Power Station’s financial and social unsustainability

Battersea Power Station, since the end of 2014, has been standing wounded with only three chimneys left, and we have not yet seen any sign that the Battersea Power Station Development Company is starting the rebuilding work on the SW chimney.

View from Battersea Park Station, taken by Spectacle on 23/02/2015

Battersea Power Station from Battersea Park Station. Image taken by Spectacle on 23/02/2015

Meanwhile, some of our worries about the social impact and the financial viability of the whole project have been shared by a number of different analysts.

For instance, our concerns about the financial viability of Big Bang Development grow stronger as main-stream financial newspapers, such as Bloomberg, have highlighted that after the positive performances of recent years, London’s house prices have now started going down.  Bloomberg states, in a recent article, that “prices in emerging prime London fell 2 percent in the final quarter of 2014, according to Douglas & Gordon” and that “the area, which includes the Nine Elms neighborhood, was the worst performer in “emerging prime” London last year, broker Douglas & Gordon Ltd. said”. “Overseas demand for prime London homes is cooling, and some upscale projects being marketed “have gone over to Asia and probably haven’t done as well as they would have” in early 2014” quoting Jack Simmons, head of U.K. residential development and investment at broker Cushman & Wakefield Inc.

This alarming report, suggesting that the degrading value of houses might scare investors and threaten the financial plan of big projects such as the one by Battersea Power Station Development Company, was corroborated in an article by The Telegraph. The Telegraph reports that properties in the Nine Elms area are already flipped, thrown on the market to make some gains, before even a single brick of the flats has been put in place. This circumstance seem to confirm our impressions, sharing with The Telegraph’s journalist the “concern that homes built in the early phase of the huge project, were mainly reserved by investors – who have waited for the market to pick up before “flipping” them – and overseas buyers”. Instead of sounding an alarm in the heads of Battersea Power Station Development Company, the same article tells us that a spokeswoman for the company said: “We launched phase one at Battersea Power Station over two years ago and we are pleased to see that the early pioneer purchasers, who helped to get this project off the ground have experienced good levels of growth”.

If fluctuations of the property market could turn investors away, the new strength of British Sterling on the foreign exchange market could cause even more troubles to South Asian Buyers. The Star, one of the most popular Malaysian news sites, published a page explaining how to deal with loans in foreign currencies to prevent investments, such as a flat in Battersea Power Station, turning disastrous by weaker local currencies.

Rahim & Co consultant, marketing (London properties), Guy Major says “It is ‘dangerous’ to have a mismatch between your ability to pay based in ringgit and a pound-denominated loan,” he says.

If our concerns about the finances of the project are aimed at putting question marks over the narrative used by big bang developers to sell their projects, other media apparently started sharing our worries about the social impact of this monster development. The Guardian came out recently with a long and quite critical article about Battersea Power Station, “the biggest building site in London, and one of the largest regeneration projects in Europe”. Significantly titling the article “Battersea is part of a huge building project – but not for Londoners”, the Guardian highlights the tendency of new developments in London to get higher – “Hong Kongification” as Tony Travers, director of the Greater London group at the London School of Economics, puts it.

The Guardian quotes Ravi Govindia, the Conservative leader of Wandsworth council  “Yes, some of the buildings will be tall, but there will be a distinctly London flavour. It’s going to be a place that people [will] enjoy living in.” Govindia says, adding that the project “will bring 25,000 permanent jobs plus 20,000 construction and engineering jobs during the building phase”), the article warns that building luxury flats for wealthy foreign buyers is exacerbating the housing problem for thousands of Londoners in need of homes.

On the other hand, Will Martindale, Labour MP candidate for Battersea, in a blog posted on The Huffington Post, shared his concerns (and some of his neighbor’s) about the way Battersea is changing: property prizes going well beyond local people’s budgets, riverfront views are blocked by multi-story buildings and very few new flats will eventually house locals while oversea investors and developers will make a fortune. As Will Martindale says “This is our riverfront. It’s part of our shared heritage, not simply a strip of real estate. We would do well to remember Battersea Council’s old motto: Not for you, not for me, but for us.”

At the moment, our impression is that it’s becoming ever more theirs…

 

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Battersea Power Station: ghost flats worth £1.8bn!

Versione in Italiano

We learned from the pages of London Evening Standard that “More than £1.8 billion worth of homes have been sold at Battersea Power Station since they went on the market in January last year”. None on these flats have been built yet.

Apparently most of this £1.8 billion came from the fortunate global launch that Battersea Power Station Development Company organized last month.  As we already suspected, the search for overseas investors has not been affected by fear of the chinese property bubble bursting – the due date of which is still under discussion among financial analysts.  The threat of a Mansion Tax did not slow the rush of foreigners to use their deep pockets in order to get their piece of Battersea Power Station. Even if the London property market, as shown in Estate Agents Knight Frank’s report (see below), has appeared to slow down in the last few months, off-plan sales seem to work pretty well.Taking Battersea Power Station as reference for this trend, The Newstatesman  recently reported that:

“Off-plan profits hit the headlines last week with reports that a studio flat in Battersea power station, sold for close to £1m in the spring, is now due to go back on the market for up to £1.5m before it has even been built.”

Before anything has even been built, and while our concerns about the “Big Bang” business model of monstrous development projects are all to be proven erroneous, Battersea Power Station Development Company has actually done what all Battersea Power Station’s previous developers have already proven to be masters at: demolition!

Battersea Power Station: photograph taken by Spectacle on 08/12/2014

The first chimney of Battersea Power Station is gone. In the next weeks we will probably see it to come slowly back to a new life while the other three will start coming down all at once. We hope that the £1.8 billion will give Battersea Power Station Development Company enough energy to prove that, other than demolitions, they are good at building too.

 

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Battersea Power Station: appartamenti fantasma già venduti per £1.8 miliardi!

English version

Abbiamo appreso dalle pagine del London Evening Standard che “More than £1.8 billion worth of homes have been sold at Battersea Power Station since they went on the market in January last year”. Nessuno di questi appartamenti è stato ancora costruito.

A quanto pare la maggior parte di questi £1.8 miliardi proviene dalle vendite avvenute durante il fortunato lancio globale che la Battersea Power Station Development Company ha organizzato il mese scorso. Come sospettavamo, la ricerca di investitori stanieri non è stata resa difficoltosa dalle paure riguardanti l’esplosione della bolla immobiliare cinese – gli analisti finanziari stanno ancora discutendo su quando ciò avverrà. La minaccia di una Mansion Tax (tassa su immobili di lusso) non ha rallentato la corsa degli investitori stranieri per accaparrarsi il proprio costoso pezzo di Battersea Power Station. Nonostante il mercato immobiliare londinese, come mostrato dal report dell’agenzia immobiliare Knight Frank (vedi sotto), ha mostrato rallentamenti nel corso degli ultimi mesi, le vendite su progetto sembrano funzionare molto bene.Prendendo la Battersea Power Station come esempio di questa tendenza, recentemente The Newstatesman ha scritto:

“Off-plan profits hit the headlines last week with reports that a studio flat in Battersea power station, sold for close to £1m in the spring, is now due to go back on the market for up to £1.5m before it has even been built.”

Prima che sia stato costruito alcunché, e mentre le nostre preoccupazioni riguardanti il “Big Bang” dei modelli finanziari usati dai grandi progetti di sviluppo immobiliare aspettano di essere falsificate dai fatti,  Battersea Power Station Development Company ha già realizzato l’unica cosa che  tutti i precedenti costruttori impegnati nel progetto hanno mostrato di fare con maestria: demolire!

Battersea Power Station: fotografia scattata da  Spectacle il giorno 08/12/2014

Battersea Power Station: fotografia scattata da Spectacle il giorno 08/12/2014

La prima ciminiera della Battersea Power Station è andata. Nelle prossime settimane assisteremo con ogni probabilità al suo lento ritorno a nuova vita, mentre le altre tre ciminiere verranno smantellate contemporaneamente. Speriamo che i £1.8 miliardi daranno alla Battersea Power Station Development Company energia sufficiente per provare che, oltre a demolire, sono capaci anche a costruire.

 

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Selling Battersea Power Station over stormy seas

Versione in Italiano

 

Why has the demolition of the south west chimney at Battersea Power Station apparently come to a stop?

The chimneys as they appeared on September 27th

The chimneys as they appeared on September 27th

Chimneys on October 21th

Chimneys on October 21st

Maybe the project has hit a technical snag- the chimneys are far more robust than the Battersea Power Station Development Company have wanted to admit – but it could also be that it is a barometer of the global economy and an indication of how vulnerable their business model really is. The business model of the current owners, like the previous ones, is a precarious one based on an ever increasing UK property market.

However the current economic climate is not looking good. The property market, according to most informed opinion, has plateaued and, in London, is in danger of going down.

Simon Rubinsohn, Chief Economist at Royal Institution of Chartered Surveyors, in an article about the UK’s Property Market says:

“As a result of the rebalancing in demand and supply, house price growth across the UK appears to be moderating […] prices are still projected to rise nationally over the next year and expected to increase by 2.6% on a 12 month view (compared with around 4% at the start of the year)”
The pound is getting stronger against currencies like the Euro (Milan and Paris are targeted cities for the Battersea Power Station Development Company), making London a less attractive investment and interest rates are going up.

(www.xe.com)

(www.xe.com)

The Labour Party, if they win the election in May 2015, which if due only to the metronomic pendulum swing of UK politics between the two major parties, is a distinct possibility, are promising a “Mansion tax” on all properties worth more than £2m (here is the Royal Institution of Chartered Surveyors’ opinion about the Mansion Tax).

Then there is the UK housing crisis, caused in large part by the selling of London property to foreign investors who have no intention of living in the properties they buy. Whoever wins the next election they need to address this and no solution will leave the property market untouched.

The Financial Times seems to support our worries in a recent article:

“Uncertainty around new property taxes, the strength of the pound on global currency markets and the introduction last year of a tax on homes held through companies have all contributed to the slowdown, according to those involved in trading properties.”

The same article gives us a quite impressive picture of the property market situation.

Some data about English Property Market, as published by Financial Times on

Some data about English Property Market, as published by the Financial Times.

Perhaps the emphasis on selling off-plan to overseas investors is because while there are plenty of rich in the UK  they might be a harder sell being better informed. Overseas investors, basing their judgement on futuristic artists impressions are unlikely to be aware of the smelly and disruptive waste processing plant with its hundreds of daily truck deliveries of reeking rubbish.

Our two faced Mayor of London Boris Johnson, ever the populist, plays it both ways, touring China promoting the London property market as an investment and for a local audience blaming that very market on the chronic housing shortage.

Boris Johnson at the launch of London City Island in Ballymore group sales event in Hong Kong, 18/10/2013) (from http://www.ballymoregroup.com/en-GB/news/41)

Boris Johnson at the launch of London City Island in Ballymore group sales event in Hong Kong, 18/10/2013) (from www.ballymoregroup.com)

It might be coincidence but in the week the Chimney demolition halted it was reported that the Chinese property bubble would burst soon, probably 2015, with catastrophic ripple effect on the global economy and international banking- possibly triggering a global crash.

As Bloomberg reported recently:

“The Chinese crash might make 2008 look like a garden party. As the risks of one increase, it’s worth exploring how it might look. After all, China is now the world’s biggest trading nation, the second-biggest economy and holder of some $4 trillion of foreign-currency reserves. If China does experience a true credit crisis, it would be felt around the world.
[…]
The potential for things careening out of control in China are real. What worries bears such as Patrick Chovanec of Silvercrest Asset Management in New York, is China’s unaltered obsession with building the equivalent of new “Manhattans” almost overnight even as the nation’s financial system shows signs of buckling. As policy makers in Beijing generate even more credit to keep bubbles from bursting, the shadow banking system continues to grow.”

This week the Battersea Power Station Development Company launched their overseas selling campaign of luxury apartments. Three of the cities targeted are Beijing, Shanghai and Hong Kong- all especially vulnerable to the vagaries of the Chinese economy.

The new owners are no different to all the previous owners – they are just better at PR and have better access to overseas markets. As before, despite the excellent PR hype suggesting that “at last work has started”, bolstered shamelessly by a “purse whipped” English Heritage, the only thing the current owners have actually done is demolish – they are taking down the chimneys, demolishing the precious, Grade II listed Victorian pumping station and removing the iconic listed cranes.

In other words the new owners are just flipping the Battersea Power Station. Selling today artists impressions of what MIGHT be built in the future.

We wonder what guarantees prospective buyers have that the off-plan flats they are buying will actually materialise. But then, having more money than sense, they probably do not care.

 

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Battersea Power Station in vendita per mari perigliosi

English Version

 

Come mai i lavori di demolizione della ciminiera sudovest di Battersea Power Station sembrano essersi fermati?

The chimneys as they appeared on September 27th

Come apparivano le ciminiere di Battersea Power Station il 27 settembre scorso

Chimneys on October 21th

Le ciminiere di Battersea Power Station il 21 ottobre

Il progetto si è forse incagliato su qualche scoglio tecnico – le ciminiere sono molto più resistenti di quanto la Battersea Power Station Development Company sia disposta ad ammettere – o dipende dall’andamento dell’economia globale e si tratta, quindi, di un indicatore sulla vulnerabilità del piano finanziario del progetto? Il modello economico seguito dagli attuali proprietari, così come dai precedenti, è alquanto precario basandosi in gran parte sull’idea di un mercato immobiliare britannico in continua crescita.

Guarda caso le previsioni economiche attuali non guardano al bello. Il mercato immobiliare, secondo le opinioni degli esperti, è in stagnazione e, a Londra, corre il rischio di deflazione.

Simon Rubinsohn, Chief Economist del Royal Institution of Chartered Surveyors, in un articolo mercato immobiliare nel Regno Unito afferma:

“As a result of the rebalancing in demand and supply, house price growth across the UK appears to be moderating […] prices are still projected to rise nationally over the next year and expected to increase by 2.6% on a 12 month view (compared with around 4% at the start of the year)”

La sterlina sta diventando sempre più forte nei confronti dell’Euro (Milano e Parigi sono obbiettivi per il mercato della Battersea Power Station Development Company), rendendo Londra una città meno attrente in cui investire, con tassi di interesse in crescita.

(www.xe.com)

(www.xe.com)

Il partito laburista, in caso di successo alle elezioni generali di Maggio 2015 – possibilità dovuta al fatto che l’alternaza tra i due maggiori partiti della politica britannica è inevitabile come il movimento di un metronomo – ha promesso la cosiddetta “Mansion Tax”, una tassazione aggiuntiva su tutti gli immobili di valore superiore a 2 milioni di sterline (qui è possibile leggere l’opinione del Royal Institution of Chartered Surveyors sulla Mansion Tax).

Poi c’è la crisi abitativa, causata in gran parte dalla vendita di immobili londinesi a investitori stranieri, i quali non hanno nessuna intenzione di vivere nelle case che comprano. Chiunque vinca le prossime elezioni dovrà mettere mano a questo problema, e qualuque possibile soluzione avrà inevitabili ricadute sul mercato immobiliare.

The Financial Times, in un recente articolo, sembra supportare le nostre preoccupazioni:

“Uncertainty around new property taxes, the strength of the pound on global currency markets and the introduction last year of a tax on homes held through companies have all contributed to the slowdown, according to those involved in trading properties.”

Lo stesso articolo è corredato da una fotografia impressionante della situazione che sta attraversando il mercato immobiliare.

Some data about English Property Market, as published by Financial Times on

Dati riguardanti il mercato immobiliare britannico, pubblicati su The Financial Times.

Può darsi che l’enfasi riposta sui piani di vendita a investitori stranieri, quando c’è abbondanza di ricchi anche nel Regno Unito, sia dovuta al fatto che gli investitori locali siano più difficili da convincere visto che sono meglio informati. Gli investitori stranieri, che fondano i loro giudizi su impressioni artistiche e futuristiche, sono probabilmente inconsapevoli dell’olezzo disgustoso proveniente dall’impianto di smaltimento dei rifiuti presente nell’area, con le centinaia di camion che quotidianamente vi riversano fatiscenti carichi d’immondizia.

L’eclettico Sindaco di Londra Boris Johnson, anche nella sua versione più populista, fa il doppio gioco: va in tour in Cina per promuovere investimenti nel mercato immobiliare londinese, mentre al pubblico londinese indica proprio questo modello di mercato come causa della cronica mancanza di abitazioni.

Boris Johnson at the launch of London City Island in Ballymore group sales event in Hong Kong, 18/10/2013) (from http://www.ballymoregroup.com/en-GB/news/41)

Boris Johnson interviene al lancio delle vendite del London City Island, in un evento organizzato dall’impresa Ballymore il 18 ottobre ad Hong Kong. (Fonte: www.ballymoregroup.com)

Può darsi che si tratti di una coincidenza, ma nella stessa settimana in cui la demolizione della ciminiera si è fermata sono stati pubblicati resoconti che indicano come la bolla immobiliare cinese stia per esplodere presto, forse già nel 2015, con catastrofiche ricadute sull’economia globale e sulla finanza internazionale – con la possibilità di innescare una crisi globale.

Come riportato recentemente da Bloomberg:

“The Chinese crash might make 2008 look like a garden party. As the risks of one increase, it’s worth exploring how it might look. After all, China is now the world’s biggest trading nation, the second-biggest economy and holder of some $4 trillion of foreign-currency reserves. If China does experience a true credit crisis, it would be felt around the world.
[…]
The potential for things careening out of control in China are real. What worries bears such as Patrick Chovanec of Silvercrest Asset Management in New York, is China’s unaltered obsession with building the equivalent of new “Manhattans” almost overnight even as the nation’s financial system shows signs of buckling. As policy makers in Beijing generate even more credit to keep bubbles from bursting, the shadow banking system continues to grow.”

Questa settimana la Battersea Power Station Development Company ha portato i suoi appartamenti di lusso in una campagna di vendite in giro per il mondo. Tre città raggiunte dalla campagna sono Pechino, Shangai e Hong Kong, tutte particolarmente esposte agli alti e bassi dell’economia cinese.

I nuovi proprietari non sono molto diversi da quelli precedentivi – sono solo più bravi in PR e hanno un migliore accesso ai mercati internazionali. Come in passato, nonostante gli eccellente battage pubblicitario sostenga che “finalmente i lavori sono iniziati”, sotenuto senza pudore dall’English Heritage, l’unica cosa che i nuovi proprietari hanno fatto in realtà è stato demolire – stanno abbattendo le ciminiere, demolendo la deliziosa e protetta Victorian pumping station e rimuovendo le iconiche (e protette) gru.

In altre parole i nuovi proprietari stanno facendo il loro gioco con la Battersea Power Station. Vendono oggi immagini fantastiche di ciò che POTREBBE essere costruito in futuro.

Ci chiediamo che tipo di garanzie vengano fornite agli eventuali acquirenti stranieri circa il fatto che gli apparatamenti che stanno comprando sulla carta vengano effettivamente realizzati. Alla fine, avendo costoro più soldi che giudizio, forse gli non importa più di tanto.

Click Battersea Power Station for more blogs
See our Battersea Power Station project pages for more information and videos.
Or visit PlanA our general blog on urbanism, planning and architecture.

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Follow SpectacleMedia on Twitter

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