London’s latest retail and leisure destination unveiled
Battersea developer says it has opened retail space for lease
KUALA LUMPUR: Battersea Power Station Development Co (BPSDC) has launched London's latest retail and leisure destination, promising that it will house a collection of British and international brands in one of the financial capital’s most iconic buildings.
“Millions of people will visit the Power Station once it reopens in 2020,” the company said in a statement. It said it has opened retail space for lease.
It will be “the third largest retail destination”, with just over 100 units, in Central London. When fully completed in 2021, about 40 million people are expected to thronged the site.
Britain-based BPSDC is managing the development of the iconic piece of real estate south of the Thames within walking distance from up-market Chelsea.
Battersea Power Station is owned by a consortium of Malaysian investors comprising Sime Darby Property Bhd, SP Setia Bhd and the Employees Provident Fund (EPF).
BPSDC said Turbine Hall A, built in the 1930s, would be home to the Premium Collection brands that portray elegance, sophistication and timeless style.
“(Turbine Hall A will) evoke the lavish Art Deco glamour of its era,” a BPSDC statement said.
Turbine Hall B, completed in the 1950s, would bring together contemporary brands providing an eclectic mix of younger and more diverse names. It will have a 35,000 sq ft “Theatre of Food” offering a mix of the latest food trends as well as old favourites.
BPSDC retail leasing director Sam Cotton said the company is scouring the globe, not only for the best retailers but also looking at how they can provide a platform for the wider evolution of retail.
The retail scene there will offer something different to what is available elsewhere, as well as great start-ups from Britain and around the world.
Apple, one of the most famous brands in the world, has already pre-let 500,000 sq ft of offices within the building.
Deputy chief executive officer and chief financial officer Simon Murphy said the retail offering would form a key part of the new London destination.
“On behalf of our Malaysian shareholders, we look forward to fully opening this iconic building to the public for the first time, and to be enjoyed for generations to come,” he added.
The 42-acre mixed development has attracted considerable attention in more ways than one. In January, consortium mem- bers comprising Sime Darby Property Bhd, SP Setia Bhd and the EPF said the power station, the heart of the 42-acre project, will be sold for £1.6bil (RM8.8bil).
According to The Guardian, this represents one of Britain’s largest ever property deals. Permodalan Nasional Bhd (PNB) and EPF entered into an agreement to purchase phase 2, the actual power station itself. PNB and the EPF hold a considerable amount of real estate in Britain, particularly office blocks in London although their portfolio includes other sites in Europe.
PNB and the EPF will “manage” the actual power station when it is completed, as this does not come under the purview of both SP Setia and Sime Darby, both being developers, a source from SP Setia said earlier this year.