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Battersea Power Station work opened by David Cameron and Malaysian PM | Battersea Power Station work opened by David Cameron and Malaysian PM |
(about 4 hours later) | |
Construction work on the redevelopment of Battersea Power Station into a shopping and residential site has formally begun. | |
Prime Minister David Cameron and his Malaysian counterpart Datuk Seri Najib Razak inaugurated building work on the £8bn Malaysian-backed project. | |
The politicians watched the official ground-breaking ceremony at the 39-acre site by the River Thames. | |
The site will be redeveloped into 3,500 homes, offices, shops and a park. | The site will be redeveloped into 3,500 homes, offices, shops and a park. |
Battersea Power Station has been vacant since being decommissioned in 1983 and features on English Heritage's At Risk register. | |
Numerous efforts to revive the Grade II listed building - famed for its four brick chimneys - have failed. | Numerous efforts to revive the Grade II listed building - famed for its four brick chimneys - have failed. |
The first phase of the redevelopment, designed by Raphael Vinoly, is expected to be completed by 2016. | The first phase of the redevelopment, designed by Raphael Vinoly, is expected to be completed by 2016. |
Tube comes to Battersea | |
Prime Minister David Cameron said: "This is a great day. It has been a long time to get the Battersea Power Station development going. | |
"It stopped producing power 30 years ago and it has taken this long to get off the ground. It needed your help." | |
Mr Najib said: "It is a shining example of what we can do when we get together. We are partners for prosperity." | |
A Malaysian consortium behind it - comprising S P Setia, Sime Darby and the Employees Provident Fund - say the project will take at least 10 years to complete and generate 15,000 jobs. | |
The group said up to 841 homes at the development, worth £685m, have already been sold. | |
Chairman of the consortium Tan Sri Liew said: "It is exactly one year since we first signed the sale contract for the acquisition of the site. | |
"To have achieved this result of not just launching Phase 1 of the development but having signed contracts with purchasers for over 97% of the available units is truly remarkable." | |
London Mayor Boris Johnson, who was also present, said: "Many thought it would never happen but today is a triumphant moment in Battersea Power Station's rebirth as well as a glowing testimony to London's attractiveness for global investors." | |
Leader of Wandsworth Council Ravi Govindia said: "This project is lifting the fortunes of an entire district and will bring the Tube to Battersea for the very first time. | |
"We have already attracted more than £15bn of new investment to this part of the South Bank and there is no sign of it slowing down." |