Bids for one of the UK’s largest and most complex development opportunities were called on Friday, with 10 parties expected to have submitted offers.
Those widely expected to have tabled proposals for the iconic Battersea Power Station site in South London include Mike Hussey’s Almacantar in partnership with Chelsea FC.
Administrators at Ernst & Young and agent Knight Frank called for unconditional bids for the 40-acre opportunity by 12pm on 4 May.
They are trying to recover as much of the £502m of debt secured against the troubled site as possible. Lloyds and Nama are owed £324m and Victor Hwang’s Oriental Property £178m.
Further details on how the sale will be progressed are expected next week.
Other likely bidders include Hutchison Whampoa and Godfrey Bradman, the 1980s developer who has been courting backers, possibly including Hwang, who sold the site to Treasury Holdings in 2006.
Malaysian real estate investor SP Setia is also understood to have resumed its interest after having its bid knocked back last year.
The site is being sold with consent for 3,700 homes, 1.6m sq ft of offices and 500,000 sq ft of shops and restaurants.
E&Y said the sale was unaffected by Treasury’s move this week to sue Nama over the appointment of receivers to the site in December.
• A string of smaller opportunities are coming to market in the area. National Grid, Royal Mail, art auctioneer Christie’s and self-storage firm Vauxhall Bondway are all planning disposals.
julia.cahill@estatesgazette.com
