Chelsea puts in Battersea Power Station bid

Chelsea puts in Battersea Power Station bid

Chelsea Football Club is one of a series of bidders to have submitted offers to purchase Battersea Power Station before last week’s deadline.

The Premier League club said it had submitted an offer, with its property development partner Almacantar, to acquire the 39-acre Battersea Power Station site, with plans drawn up by architects Rafael Vinoly and Kohn Pederson Fox for a scheme that would include a 60,000 seat stadium.

Chelsea and Indian property consortium BPS Acquisition are the only publicly confirmed bidders for the site, which is valued at about £500m and was put on the market earlier this year, after the previous redevelopment plan by former owner Treasury Holdings collapsed into administration last November.

The administrator Ernst & Young said it was “encouraged by the strong level of interest shown”, but would not comment on the number of bids, despite reports of ten interested parties, including Asian conglomerate Hutchison Whampoa, which owns Lots Road Power Station across the river, Malaysian property company SP Setia, and developer London & Regional. Other interested parties reported to have viewed the site include property fund Crosstree, and developer Berkeley Group.

In its statement Chelsea said its proposed development would include a town centre with retail shops, affordable housing and offices. It added that the club would also make a “significant contribution” towards the proposed Northern Line extension – thought to be around £200m – which is a requirement of the planning permission secured by Wandsworth council for the site.

Chelsea acknowledged in its statement that “many hurdles” remained before it could acquire the site, including “winning the support of our fans”, shareholders and local residents, as well as securing the approval of Wandsworth council and the Greater London Authority.

Last week mayor of London Boris Johnson’s chief of staff Edward Lister told Building’s sister title Property Week that the site was “not suitable” for Chelsea and the proposal was “not a goer.”

Wandsworth council leader Ravi Govindia, has also questioned whether Chelsea’s bid fits in with existing plans.

However, last week opposition eased, with the council stating it did not oppose Chelsea’s proposal in principle. The council added that contributions to the Northern Line work in the bids were a key factor.