Battersea Power Station Development Company has secured a £280M refinancing loan to support development of the remaining 16 acres of the 42-acre riverside megascheme.

Secured from CIMB, OCBC, Maybank and Standard Chartered, long-term lenders to the project, the announcement follows the recent submission of a revised master plan designed by architect Studio Egret West for the remaining undeveloped land at Battersea Power Station.

Proposals include up to 3.2M SF of residential, commercial and leisure space, which would nearly double the scale of development delivered to date and complete the project.

Construction at Prospect Place South began in early September, and the two new Gehry Partners-designed buildings will deliver approximately 300 new homes, 65K SF of commercial space for shops, cafés and restaurants, a 15K SF Community Hub, a bike hub and the completed pedestrianised high street Electric Boulevard.

Planning permission has also been granted for 200 new council homes to be delivered in partnership with Wandsworth Council, with construction expected to begin in early 2027.

“Against a quieter property market, the continued support from our lenders reflects confidence in the transformation achieved so far,” Battersea Power Station Development Company Chief Financial Officer Chee Seng Siew said in a statement.

More than £5B has been invested in Battersea to date by the project’s Malaysian shareholders to restore the Grade II-listed Power Station; create a major new retail and leisure destination, now home to more than 150 shops, bars and restaurants; and attract more than 50 million visitors since the Power Station opened in 2022.