The masterplan, which is currently being finalised, will no longer have an eco dome or chimney amid concerns about cost and that it would obstruct views from the historic palace of Westminster.
Recently London mayor Boris Johnson announced he was clamping down on property development that blocked important views and the withdrawal of plans for another important London site – Chelsea Barracks – following criticism from the Prince of Wales, has made developers in the city extremely cautious.
Real Estate Opportunities, which is 67% owned by Irish developer Treasury Holdings, confirmed that its plans for Battersea Power Station focus on a lower level schemes and described the future project as like Berlin's Potzdamer Platz.
The £4 billion project will see only 42.5% of the 15.5 hectare site developed. The power station's redevelopment will include office, conference, retail and residential space with some 3,700 homes. Also included is a hotel, restaurants, leisure space and community facilities.
A 2,000 seat ampitheatre is no longer included. The plans include a 600,000 square feet office building designed in a John Nash-style curved terraced formation that form a 'halo' around the original power station.
Changes to the plans were a direct result of consultation and also taking the cost into account in the current recession. 'The eco dome and chimney were very expensive structures to create and in some ways we were welcoming of the policy and legislation protecting Westminster views as it is saved the scheme quite a lot of money,' said Rob Tincknell, Treasury Holdings UK managing director.
'We have maximised the more profitable uses on the site. It is much simpler now and much more phaseable. Before we had to build some quite big chunks all in one go but now it's more efficient and more affordable,' he added.
The site will also see a separate re-development of a new station and northern line tube extension from Kennington. Phase one is expected to begin in June 2011.
The developer is not actively looking for bank finance now and will not need to do so until the beginning of 2011 when the financing outlook is expected to be considerably better than it is now. It will be looking for a major equity partner to help fund the scheme and Tincknell said it had a significant amount of interest from a range of parties including sovereign wealth funds.
