Redevelopment of Battersea Power Station, including extension of the Northern Line, will cost £8 billion and create 20,000 construction jobs, it has been revealed.
Work on the project, which is being delivered by SP Setia, Sime Darby and Employees Provident Fund (Malaysia), is expected to begin next summer.
Rejuvenation of the site will include new homes, office space, a hotel and retail space, and an extension of the Northern Line and new transportation hub.
Once complete, the project will create a further 13,000 permanent jobs.
The announcement came on the first day of the British Business Embassy – the country’s largest series of trade and investment conferences, being held to coincide with the Olympics and Paralympic Games.
The opening Global Investment Conference was hosted at the British Business Embassy, Lancaster House, yesterday (July 26) in front of an audience of international government representatives and global business figures.
Another 17 business summits will be held during the Olympics and Paralympic Games, with more than 4,000 UK and international business delegates expected to make their way to the British Business Embassy.
Deputy Prime Minister Nick Clegg said: “The Olympics presents us with a once in a lifetime opportunity to boost the UK’s growth potential. Our world-beating innovation in green technology and advanced manufacturing are on show for a vast global audience, and today we can be proud of those achievements.
“Britain needs and must cultivate an investor-friendly economy. It’s not just for us but about a shared prosperity – mutual business deals globally. Every deal counts, but we want to be bold, we need to think big, and that’s why today’s investment is such welcome news.
“I’m looking forward to meeting the world’s political and business leaders over the coming weeks to showcase Britain.”