‘We persevered and prevailed’: Battersea Power Station turns the power back on

After a decade, the owners and developers of London’s redeveloped Battersea Power Station, SW8, have finally scaled the so-called “Everest of real estate” and can at last enjoy the view – much like visitors who take a lift to the top of one of its 109m-high chimneys to enjoy 360-degree views of the capital. None of this was guaranteed. But the vast retail, residential and office scheme that opened today (14 October) saw the site’s Malaysian owners succeed where several other attempts to regenerate the iconic building failed. And as Dato’ Jagan Sabapathy, chairman of Battersea Project Holding Company, put it this week: “There are very few things that are worthwhile doing that are easy to achieve.” At a lavish party to celebrate the project’s completion on Wednesday, the focus was on the current achievements rather than the past’s catalogue of delay and decay.  [caption id="attachment_1154870" align="aligncenter" width="847"] Battersea Power Station in 2022[/caption] In front of a packed audience and guests of honour the King and Queen of Malaysia, Simon Murphy, chief executive of Battersea Power Station Development Company, paid tribute to “people from all aspects of the public and private sectors who had the vision to see what was possible and the ability and drive to execute that vision and create a place fit for future generations”. The finished scheme, Murphy said, “won’t just earn plaudits for how it looks now, but will be a benchmark for urban developments around the world, and for the people who live, work and play in them”. Challenges over the past decade “have been unrelenting”, Murphy said, “but every time a new challenge appeared, the team stepped up and, as one, and with unwavering determination, found a new way to keep moving forward”. [caption id="attachment_1154877" align="aligncenter" width="847"] Battersea Power Station in 2008[/caption] That sentiment was echoed by Sabapathy.  “There are very few things that are worthwhile doing that are easy to achieve,” he said. “There were several attempts to redevelop Battersea Power Station. It did not sit abandoned for so long because it was easy. So when we took on this project back in 2012, the shareholders from Malaysia, namely for Permodalan Nasional Berhad, the Malaysian Employees Provident Fund, Sime Darby Property and SP Setia, were very clear of the scale of the challenge – the Everest of real estate, as it has been described – and of the importance of delivering to expectations.” He continued: “This was a responsibility that we have always taken very seriously. It was that responsibility and commitment that sustained us through the many and varied challenges of the last decade in delivering this iconic project. There were so many challenges and hurdles that, if you were to put them all in a book, no one would have believed you. But whatever has been thrown at us, we persevered and prevailed.” [caption id="attachment_1154879" align="aligncenter" width="847"] Battersea Power Station in 2022[/caption] Ahmad Zulqarnain Onn, president and chief executive of Permodalan Nasional Berhad, joined colleagues in thanking “the many hundreds and thousands of women and men that have played parts large and small in [the building’s] restoration. “A project of this nature inevitably came with many ups and downs,” he said, adding: “It was important for us to preserve the fabric of this building and as many physical and natural elements of its history as possible in this process of giving it its new life and, as we think ahead, safeguarding it for future generations. The chimneys alone had to undergo a two-year replacement programme, which saw them painstakingly dismantled and rebuilt, using the same materials and techniques as the originals.” Even as the teams celebrate this week’s opening, there are likely to be further ups and downs to come, as the scheme’s completion comes head-to-head with a shifting market for retail and office space and economic challenges. Amid the lights, music and dancing this week, though, there was optimism. “What is so exciting is that really this is just the beginning,” Murphy said.  And in a final piece of good news at the opening event, Onn even managed to give an update on the peregrine falcons rehomed from one of the chimneys: “I’m happy to report they are thriving.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Photos: main image © Neil Hall/EPA-EFE/Shutterstock 2022 image © Charlie Round-Turner 2008 image © Battersea Power Station 2022 image © Backdrop Productions