The Battersea Power Station revamp is in the news again as it has been revealed the amount of affordable housing in the Malaysian-led development is to be slashed to 386 flats. This is a 40% cut from the original plans presented.
Sadiq Khan has accused Wandsworth council of “waving through” the request to cut affordable housing at the Power Station development. The council caused an outcry last month when it rubber-stamped a move by the developer driving the £9bn revamp of the historic site that cut the number of affordable flats to 386, a 40% reduction from original plans.
The developers blame rising costs and other factors, including Brexit-induced economic uncertainty, which has disrupted the luxury homes market, the developers say they expect to achieve less than half of the original returns. However, the project headed by a Malaysian-led consortium is on course to make profits of £1.8bn, according to records released by Tory-led Wandsworth.
From and original article in The Guardian