The practical completion of the £8 billion redevelopment of one of London's most famous buildings and locations, Battersea Power Station, after years of failed schemes was a unanimous winner of the CoStar Impact Award for commercial devevelopment of the year in London.
The landmark development by Malaysian consortium Sime Darby Property, S P Setia, PNB and the Employees’ Provident Fund has created a new ‘15-minute’ live, work and play neighbourhood in London that will be among other things the headquarters of US tech giant Apple.
Ninety-six percent of the Power Station’s commercial space was prelet on opening last year, with a sizeable chunk of that taken by famous brands.
In September 2016, Apple agreed a deal to lease 500,000 square feet at the development, then the largest office letting in London’s West End market for 20 years. Other office tenants include a new IWG coworking offer, The Engine Room, which has taken 40,000 square feet.
About the project: Originally designed by architect Sir Giles Gilbert Scott, the power station supplied a fifth of London’s electricity at its peak. It was fully decommissioned in 1983.
The Power Station’s Turbine Halls now house over 100 shops, bars and restaurants, while the Grade II* listed building also includes 254 apartments, more than 500,000 square feet of offices, and an events and leisure offering.
What the judges said: The judges comprised: George Roberts, Head of UK & Ireland, Cushman & Wakefield, Shaun Simons, founder, Compton, Guy Bowring, head of agency, Union Street Partners, Phil Bayliss, CEO, Infinium Logistics, Emily Prideaux, director, Derwent London, Alex Moss, director of the real estate research centre, Bayes Business School, Laura Beaumont, head of sustainability, Helical, Andy Haigh, director, climate positive solutions, Grosvenor.
Compton's founder Shaun Simons said: "Yet again a very impressive list of nominations but for me the worthy winner is Battersea Power Station. The execution of this London and global landmark is faultless and a real triumph that London can be proud of. The attention to detail when combining heritage and modern architecture is unparalleled."
George Roberts' Cushman & Wakefield's Roberts described the development as a "globally significant addition to London delivered after multiple failed attempts of others over the last 30 years".
Andy Haigh, director, climate positive solutions, Grosvenor, describes it as "a great example of restoring a heritage asset, working to upskill and support local and national construction supply chains. It creates a new diverse community through good design."
Alex Moss, director of the real estate research centre, said: "Few sites in the world let alone London could have presented more challenges to a successful outcome than Battersea Power Station. There has been an enormous impact on the area which is now recognised as a specific destination for work, play and rest."
They made it happen: Duncan Gilliard, partner, co-head, London retail at Cushman & Wakefield, Sam Cotton, head of asset management at Battersea Power Station, Simon Murphy, Battersea Power Station Development Company.
