An iconic London landmark, the Battersea Power Station, is now up for sale after Real Estate Opportunities the Irish developers were forced by investors after admitting they couldn’t repay over £502 million of debt on the project. Ernst and Young were appointed last December to recoup monies to repay investors, which include the Irish super bank, NAMA as well as the now nationalised Lloyds Bank and Victor Hwang, a Malaysian property tycoon.

The agents Knight Frank Rutley, better known as agents of choice to landowners and celebrities for selling their multimillion pound country estates have been appointed to find a buyer for London’s prime redevelopment opportunity.

The Battersea Power Station covers over 400 acres of prime development land next to the Thames. The agents haven’t put a price on the property but are anticipating a sale sufficient to repay investors money, with a starting price of around £500 million.

The site is ready for development with planning permission already in place for 3,400 homes, commercial and retail development as well as a new tube station.

Buying the site will only be the beginning of the financial investment – whoever takes on this landmark development opportunity will need to have a couple of billion stashed away to realise any plans for its commercial development.

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