A local council chief has claimed the Battersea Power Station scheme is in “serious financial trouble” after developers requested a review of the number of affordable homes.
Wandsworth Planning Committee chairman Richard Field said: “The escalating cost of restoring the power station building has pushed this entire development project into serious financial trouble and the committee had a very difficult choice between accepting a potentially lower number of affordable homes, or refusing the application and risk losing all of them.
“This development also directly funds the Tube extension which is bringing 25,000 jobs to Battersea, so the stakes are extremely high.
“I believe we made the right choice and in doing so have safeguarded the delivery of thousands of other affordable homes across the Nine Elms regeneration area which are dependent on the Northern Line Extension being delivered.
This change also means that 386 affordable homes will now be built by the power station developer in 2020, two years earlier than previously planned.
The Battersea Power Station developers said: “Later this year we expect to start work on the first 386 affordable homes which will be ready for local people to move into in 2020, three years ahead of schedule.
“The team remains focused on delivering the full amount of 15% affordable homes which equates to 636 homes over the course of this project.”
Sir Robert McAlpine was appointed earlier this month for the £1bn phase three of the project after Bouygues alked away during the pre-construction phase.
from Construction Enquirer http://www.constructionenquirer.com/2017/06/23/council-chief-sounds-warning-over-battersea-power-station/
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