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Battersea Power Station

Not, at first sight, the greatest news for Nine Elms that the banks have called in the administrators at Battersea Power Station. My reaction on hearing the news yesterday was not one I would readily repeat. Could the site be cursed?

In fact, the outlook for Nine Elms remains good.

For a start, the Government is now backing the Northern Line Extension. This is a linchpin for development, making the ambitious targets of creating 16,000 homes and 25,000 jobs possible.

Even the bad news of Treasury being put into administration has some positives. The financial status of Treasury had increasingly become an issue, and this at least bring that to a head.

And, most importantly, Nine Elms is a different place to the last time something like this happened, and Treasury bought the power station site from Parkview. Preparatory work has begun at Battersea Power Station and the first phases of the development could be started quickly, even if later phases change.

Meanwhile, other parts of Nine Elms are already moving forward. Work has started at Riverlight, the US Embassy has committed to the area and other developers continue with their plans.

So, not great news for Treasury. But that doesn’t mean Nine Elms future is any less bright.

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