The London landmark’s owners, Real Estate Opportunities, were put into administration at a court hearing today.
New redevelopment plans for Battersea Power Station will be formally considered after the land’s current owners were put into administration in a court hearing today.
The land’s future has been uncertain since the news that Irish developers Real Estate Opportunities were being sued over a £324million debt.
Today’s news places doubt over plans to extend the Northern Line to the area approved by the government at the end of last month.
Architects Terry Farrell & Co unveiled plans on Friday which include demolishing side walls of the Grade II* listed building, replacing them with colonnades and turning the area into a park.
Presenting their vision, the company said: “We have learned lessons that have thwarted previous attempts to develop this much loved landmark.
“This is a pragmatic and incremental approach.”
Battersea Power Station User Group are currently undecided on the new proposal.
“I would need to read the plans,” said group member Keith Garner. “But I can say I am not happy about plans to knock down walls.”
In the architects’ favour, Mr Garner said a more realistic approach of this kind was needed.
He added: “The main reason the previous schemes have failed is they were too ambitious.
“Battersea Power Station was originally built in three stages over a number of years.”
Chelsea Football Club confirmed interest in the land last month and have since instructed developers to formulate plans for a 60,000 seater stadium.
In the meantime, fears grow for the future of the iconic building’s future after a series of failed development plans spanning over 30 years have left it in disrepair.
Mr Garner blames both Wandsworth Council and English Heritage in equal measures for not doing more to protect the power station.
He claims REO neglected the power station and someone should have acted.
He added: “I blame the council and English Heritage 50/50 – it’s a disgrace.”
Wandsworth Council advise this is private land and they have no power to enforce maintenance work unless buildings are unsafe.
In an official statement English Heritage said: “English Heritage’s prime concern is, and always will be, the repair and restoration of the Grade ll* listed power station.”
The council remain positive about the land’s future, highlighting the pre-existing planning permission for a new town centre and approval for extending the Northern Line to the area.
A Wandsworth Council spokesman said: “The power station site remains a hugely attractive proposition.”
