Speaking today at the largest trade and investment event ever held in Britain, Prime Minister David Cameron said that the £8 billion development of the Battersea Power Station in South West London will create 20, 000 jobs during its construction.
The mixed development will contain homes, office space, a hotel and retail space and will see the Northern Line extended with a new transportation hub at the Power Station site.
The Global Investment Conference, launched by the Prime Minister, is the first of a series of global business summits being held in London to showcase the UK during the Olympic and Paralympic Games. The event is expected to generate hundreds of thousands of new jobs for people in the trades.
The conference kicks off the largest and most ambitious set of trade events held in Britain. During the six weeks of the Games, the British Business Embassy will host 17 global business summits that will bring over £1 billion of deals and projects.
These events will allow more than 4,000 business leaders and politicians to exchange views and ideas, discuss local and international economic challenges as well as develop strong global partnerships for future growth and showcase the best of British business to the world.
Chancellor George Osborne said: “Britain has always been a country that is open to the world. In hosting the Olympic Games, we are showcasing that openness. As we welcome the world’s best athletes, we also welcome the world’s best companies – so that they can succeed, invest, and create jobs in Britain.”
Business Secretary Vince Cable said: “Tomorrow we welcome the world to London as the 2012 Olympic Games get underway. This summer is more than just a great sporting spectacle – it is an unrivalled opportunity to promote the best of British industry and make the most of our openness to foreign trade and investment.”
This month, the UN’s World Investment Report showed that the UK had retained its place as the number one destination in Europe for inward investment. The report showed that there were almost 60,000 new jobs created last year as a result of inward investment.
What is your reaction to the Global Investment Conference that could bring billions of pounds to the UK economy? How much of an impact will the Olympics have on your business? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter page.
Irish property developer Ballymore has proposed the Embassy Gardens scheme, which will see 2,000 new homes, a new 100-bedroom hotel, new office space and pubs and restaurants built in the Wandsworth area of London. Work will begin in 2012 if planning permission is granted.
The new United States Embassy is moving from its current site at Grosvenor House in London to Wandsworth, and is part of the huge Nine Elms regeneration scheme going ahead in the area. Work on the US embassy is expected to begin in 2013 and be completed by 2016. Reports are that it could cost around $1 billion.
The 2,000 homes are intended to act as “natural fortifications” to secure and protect the “impenetrable” US embassy, as the US government has demanded strict anti-terrorism criteria to protect the embassy.
And they need to be, as recent reports indicate that radical clerics have planned to protest outside the current US embassy over the death of Osama Bin Laden.
The US embassy will be part of the huge Nine Elms regeneration scheme going on in London, which also features regeneration of Battersea Power Station, Vauxhall Cross and the Tideway Industrial Estate.
The Nine Elms project is expected to create at least 15,000 construction jobs and these proposed new homes can only boost these figures.
- The final piece of the puzzle – Nine Elms scheme gets planning green light (train4tradeskills.wordpress.com)
Following the recent news that the Battersea Power Station and the Vauxhall Cross schemes have been granted to planning permission, Wandsworth Council granted planning permission for Tideway Industrial Estate to undergo a huge regeneration scheme.
CN Plus report that the plans for Tideway Industrial Estate include building 752 homes in the area, as well as a new hotel, shops, offices and restaurants.
This scheme represents the third piece of the puzzle for the huge Nine Elms scheme in London, which seeks to build 25,000 new homes, a new US embassy and redevelop the New Covent Garden market. Last week, communities secretary Eric Pickles gave his seal of approval for the Battersea Power Station site to be redeveloped, and the Vauxhall Cross scheme was also granted planning permission.
Work is expected to begin later this year, with the entire Nine Elms project expected to create around 15,000 construction jobs for contractors in the capital.
Wandsworth planning committee chairman Nick Cuff said in a statement:
“This scheme will transform a semi-derelict industrial estate, creating acres of new public space and hundreds of new homes. With more major schemes on the horizon momentum is really starting to build in Nine Elms.”
Pickles’ decision arrives three months after Wandsworth Council granted planning permission for the project to begin (you can read all about it here), and after the Major of London Boris Johnson approved the plans last December.
The £4 billion redevelopment project of the old Battersea Power Station, which closed in 1975, will begin in 2012 and is part of the Nine Elms project going ahead in the area, which is expected to create around 15,000 new construction jobs.
The Battersea project will involve 3,400 new homes being built by developer Treasury Holdings.
Treasury Holdings MD Rob Tincknell said in a statement that the company is “delighted to have received final approval for the scheme and would like to thank the local community, Wandsworth Council and the Mayor of London for their support throughout the process.”
This scheme will provide a major boost for the construction industry and it is great that it is finally going ahead after years of delay and arguments over planning permission.
What do you think about the plans for Battersea Power Station?
Battersea Power Station is finally set to get a revamp after plans were given the green light by Wandsworth Council last week, which include extending the Northern line, creating new tube extensions and building thousands of new homes.
Construction News are reporting that the £1 billion Nine Elms scheme, which the plans for Battersea Power station come under, is set to create a two station extension of the tube on the Northern Line from Kennington. This will see a new tube station at the power station site, with the other at Wandsworth Road. This will be funded through the private sector, which is the first time this has ever happened, and is made possible after a £200m pledge by Real Estate Opportunities, the developers of this project.
The Northern Line extension will be the crown jewel in the plans to regenerate the Nine Elms area, and will lead to other major investment projects in the area. This includes plans for 3400 new homes, a pedestrian high street, new shops, entertainment facilities and a new hotel. 15,000 new jobs will also be created from this project.
Cllr Nick Cuff, chairman of Wandsworth Council’s Planning Application committee said: “This scheme would restore one of London’s most iconic buildings and create thousands of new jobs and homes. The two Northern Line stations will spur on the regeneration of Nine Elms and bring a huge economic windfall to this part of south London. There is still a great deal of work to be done but this is an important step forward and will give the area’s other major investors the confidence to press ahead with their plans.”
Battersea Power station has been closed since 1975 and new plans, such as turning the area into an indoor theme park and a new shopping centre, have been introduced before to transform the area, but did not receive planning permission and failed.
The Battersea Power Station is on the English Heritage’s Buildings at Risk register and its condition has been described as very bad and in dire need of repair. This scheme can transform that, and the fact that it will create thousands of new jobs is a massive bonus, especially at a time when spending cuts are being imposed by the government and big contractors like Rok are going out of business.
What do you think about the redevelopment of the Battersea power station site?