HONG KONG’s richest man is considering a bid for Battersea power station, the derelict landmark on the south bank of the Thames.
Hutchison Whampoa, the ports-to-telecoms conglomerate run by the octogenarian billionaire Li Ka-shing, is among a gaggle of would-be buyers examining the site.
Hutchison is redeveloping Lots Road power station at nearby Chelsea Harbour into shops, offices and 800 flats. Sources said the company had expressed serious interest in the Battersea site across the river. Other parties looking at the 38-acre plot are understood to include Berkeley Group, the housebuilder, commercial property players such as British Land and Land Securities, and sovereign wealth funds from Abu Dhabi and Qatar.
Battersea power station, which is Grade II* listed, has lain empty for more than 25 years. It was put up for sale by two banks through Ernst & Young and Knight Frank after its Irish owner, Real Estate Opportunities, failed to find a joint venture partner for a development.
The selling agents have contacted more than 50 potential buyers. First-round bids are due in May.
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Lloyds Banking Group and Nama, Ireland’s “bad bank”, have £330m of loans to the power station. Victor Hwang, one of the former owners, has a £180m junior loan.
Property experts said Battersea would attract bids of between £250m and £350m.