Treasury Holdings backed Real Estate Opportunities has got the backing of Wandsworth Council for its planning application for the development of the £5.5 billion Battersea Power Station site.
The proposals include more than 3,400 new homes, office space, hotels, shopping and leisure facilities. Under the plan, the power station will be restored, and a new tube station on the proposed extension of the Northern Line will be built.
REO said the development could create up to 15,000 jobs and training opportunities.
The application must now be considered by the mayor of London and the secretary of state for communities and local government. Construction on the first phase of the project is scheduled to start early in 2012, and finish in 2016. The entire development is scheduled for completion in 2024.
REO director Rob Tincknell said the council’s decision was a “fantastic milestone”.
Despite an upbeat statement, saying it was "confident" in its ability to finance the project, REO has not yet named a new investor it says will become a partner.
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