Iconic landmark is sold for £400m

Battersea Power Station was operational from 1937 until 1982

One of London's iconic landmarks, Battersea Power Station, has been bought by an Irish company.

Real Estate Opportunities (REO) bought the site, including 380 sq m of surrounding riverside lands, for £400m from Oriental Property.

The power plant, one of the largest brick buildings in the world, was operational from 1937 until 1982.

The masterplan for regenerating the building included residential flats, a leisure complex and retail space.

Weather-damaged

Ray Horney, chairman of REO, said: "The Power Station itself is a building that is an iconic part of central London's heritage and is set on a site which by virtue of its size and location offers an extraordinary development opportunity".

Victor Hwang, director of Oriental Property, said: "We have given a great deal of effort to create a world class project... It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed company."

Since the power station stopped generating electricity it has fallen into disrepair and, without a roof, it has been damaged by the weather.

Plans to redevelop the site in the 1980s were hampered by rising costs while economic recession further halted work.

Extensive repairs

In 1996, Parkview International London, controlled by Oriental Property, obtained the building.

It is set to get a new permanent roof, new floors, a rebuilt west wall, installation of mechanical, electrical and plumbing services and new concrete chimneys.

Earlier this month Wandsworth Council granted planning permission for a £90m regeneration project.

Work on the site is expected to begin early next year.