Battersea Power Station to change hands in £1.6bn deal

The proposed deal, announced on the Malaysian stock exchange this morning, would make the Grade II listed site the biggest property deal carried out in the UK.

The transaction will see ownership of the building, excluding the surrounding 42 acres of land, transferred from the current owners to Asset management group Permodalan Nasional Berhad and pension fund Employees Provident Fund of Malaysia.

The sale is being to be linked to the spiralling of costs originally expected to be in the region of £750m but are reported to have reached £1.5bn.

A BPSDC spokesperson said: “The Battersea Power Station building would provide both investors with a unique investment opportunity to own an iconic development in the heart of London.  With the conclusion of the proposed transaction, BPSDC will remain the active manager of the development. This creates a solid platform that will ensure the protection, active management and control of the historically important building are maintained.”

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Wanda sells interest in London’s One Nine Elms project

Dalian Wanda Group Co. agreed to sell its interest in the One Nine Elms project on the south bank of London’s River Thames for about 59 million pounds. Included in the agreement, the purchaser will also assume a 159.5 million-pound loan owed by Wanda Hotel.

The buyer is rumoured to be R&F Properties, one of China’s largest developers. Last year R&F and C C Land Holdings Ltd., the owner of London’s Cheesegrater tower, jointly acquired the adjacent 10-acre Nine Elms Square land.

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Terms agreed on £40m Thames Wharf Studios site

RPMI Railpen the Railways Pension Scheme has been identified as the buyer of the property in Hammersmith.
The site was granted full planning permission in 2015 for the construction of two buildings to replace the existing buildings fronting the River Thames. The scheme will deliver 57 residential units with office and flexible office/restaurant space at ground floor level.
The Livingstone brothers’ London & Regional Properties offered the property in 2017 for an asking price of £40m.
RPMI Railpen is one of the UK’s largest and longest established pension funds. The Fund manages around £28 billion on behalf of the scheme’s 350,000 members who are connected with the railway industry.
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Planning success for 116,00 sq ft Quayside Lodge in Fulham

Property Investment specialist CLS Holdings has secured a resolution to grant planning permission for a new 10-storey residential and office development at Quayside Lodge in Fulham.

The 160,000 sq ft new development, designed by architects EPR, will provide 11,500 sq ft of new office space, 110 residential units, of which 35% will be affordable, 200 cycle spaces and electric car charging points.

The existing office investment, which was acquired by CLS in 2004, provides 32,000 sq ft of office space over three floors but is reaching the end of its economic life.

CLS Holdings plc is a commercial property investment company with assets in the UK, France and Germany, which has been listed on the Main Market of the London Stock Exchange since 1994.

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Birmingham’s tallest residential tower gets planning permission

The new £183 million apartment tower was granted planning permission by Birmingham City Council in late December 2017. London-based Moda Living will build a new tower with 481 apartments on the derelict site of the former Tramps nightclub in Broad Street.

It will contain 30 studios, 163 one-bedroom, 260 two-bedroom and 28 three-bedroom apartments for rent only as well as secure cycle parking, 48 spaces for car and nine for motorcycles.

There will also be a 200-metre running track on a podium at level three.

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