Joint sales advisers, Knight Frank and Ernst & Young Real Estate Corporate Finance, have announced the exchange of contracts of the 39.1-acre Battersea Power Station site, the last significant piece of prime central London remaining for redevelopment.
Following a global marketing process that started in February 2012 and covered all major world wealth centres, a consortium comprising SP Setia, Sime Darby and the Employees’ Pension Fund of Malaysia have exchanged contracts on the site for £400m.
Stephan Miles-Brown, head of residential development at joint agent Knight Frank, says, ‘Throughout the six-month marketing process, which attracted investors from countries as diverse as Kazakhstan, South Africa, China, Indonesia and Brazil, we enjoyed excellent support and encouragement from all key stakeholders: in particular – the London Borough of Wandsworth, the Mayor’s office, Transport for London, and English Heritage.’
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‘We have now found a skilled and extremely professional purchaser who we feel can take on this site and produce the best result for London – the re-development of a prominent, listed building at a prime, waterfront location. The finished scheme will be the jewel in the crown of the Nine Elms Development. Knight Frank and Ernst & Young have relished their roles in selling an icon and will observe its development with great interest.’
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