London Borough of Wandsworth - Battersea Power Station
London – Battersea Power Station
Client: London Borough of Wandsworth
Instruction: Local Authority Consultancy
In April 2013 Chase & Partners joined with Nathaniel Lichfield & Partners in submitting a successful tender submission to Wandsworth Borough Council to prepare an independent appraisal of proposals to increase the retail, food and drink provision at Battersea Power Station over and above that within the existing planning permission.
The redevelopment of Battersea Power Station, a Grade II listed building and one of London’s most iconic landmarks, is part of the wider regeneration of the Vauxhall Nine Elms Battersea Opportunity Area (VNEBOA), as outlined in the London Plan 2011. VNEBOA is central London’s, and one of Europe’s, biggest regeneration areas and a vital infrastructure project as the Northern Line will also be extended from Kennington, through Nine Elms to Battersea. The permitted mixed use redevelopment of Battersea Power Station includes over 3,000 new homes, over 1.6m sq ft of office space, 500,000 sq ft of shops and leisure accommodation as well as a conference centre and hotel facilities.
Battersea Power Station was purchased by a consortium consisting of SP Setia Berhad, Sime Darby Property and the Employers Provident Fund. The consortium, which is progressing the development through the Battersea Power Station Development Company, is currently reviewing their proposals for the site including the level of retail and leisure provision.
Chase & Partners were required to provide a commentary on the likely commercial success of the development based on the existing, approved proposals along with varying increases in the level of retail and leisure floorspace. We were also asked to comment in depth on the likely successful commercial mix for this location as well as the impact this might have on surrounding retail centres within the London Borough of Wandsworth as well as areas such as Victoria, Oxford Street, Regent Street and Bond Street. It was imperative that all of our commentaries and research were underpinned by in depth market experience of advising on major developments within the UK.
In preparing our final report we investigated occupier demand, tenant mix options, anchor store profiles, commercial impacts on the surrounding areas and competing centres, consumer penetration, turnover potential, leisure mix and impact, layouts and internal design issues, integration factors and viability assessments in financial and delivery terms.
Our final report was submitted to Wandsworth Borough Council on time following the two month review period and included our commercial commentaries and comprehensive analysis responding to all aspects of the brief. Subsequently we interviewed the developers over their proposals.