Malaysians tipped for Battersea win

Malaysian developer SP-Setia is understood to be the preferred bidder to take over the development of Battersea Power Station.

Building’s sister title Property Week has reported that the state-backed operation is looking to take on the regeneration of the iconic London landmark, and had offered to pay more than £350m for the site.

Administrators Ernst & Young put Battersea Power Station up for sale through Knight Frank some 14 weeks ago, with interest also expressed by Premiership football club Chelsea.

SP-Setia is understood to believe it can work within the 8.3m ft² planning permission already granted for the site to previous owner Treasury Holdings, and sources said due dilligence had begun to establish whether it could “perform” on its offer.

Both Ernst & Young and Knight Frank declined to comment.

Battersea’s previous redevelopment plan - from Treasury Holdings division Real Estate Opportunities - collapsed into administration in November last year after the developer was unable to pay debts to Lloyds Bank and Irish bad bank NAMA.