Real Estate Opportunities plc (REO) is delighted to welcome Boris Johnson's approval of the planning application for the Battersea Power Station site. The Mayor of London's decision follows that of Wandsworth Council, who approved the scheme on 11 November 2010. The next stage of the process will see the application considered by the Secretary of State for Communities and Local Government.

The Mayor's approval of the planning application, the largest ever in Central London, is a major step towards realising the vision for Battersea Power Station. The development will create a vibrant and inviting new community, serving as a catalyst for the regeneration of the Nine Elms Opportunity Area, and is expected to generate approximately 15,000 new jobs and training opportunities.

The scheme will also include a new tube station on the proposed extension of the Northern Line from Kennington to Nine Elms and Battersea. This will be the first ever privately funded extension to the underground network in Central London.

The development has received strong support from a range of stakeholders including the Greater London Authority, English Heritage, and the Commission for Architecture and the Built Environment (CABE), in addition to local residents and the general public.

Construction on Phase 1 of the development is scheduled to commence in early 2012 with completion in 2016. The remaining phases, including the new underground station will follow, with the entire development scheduled for completion in 2024.

Following the Mayor of London's decision to approve the plans for Battersea Power Station, Rob Tincknell, managing Director of Treasury Holdings UK, said:

"I am delighted that the Mayor of London has supported the redevelopment of Battersea Power Station, bringing us even closer to delivering the regeneration of one of London's most iconic landmarks. We have worked very closely with local interest groups and residents to develop a scheme which we believe will be of huge benefit to the local community. We now look forward to the application passing to the Secretary of State for Communities and Local Government for final consideration."

 Boris Johnson, the Mayor of London, said:

"Battersea Power Station has long been an iconic feature of the capital's skyline, and these plans will make sure that status is retained for years to come. The building was once a vital motor helping to power the capital. With its future secured through this regeneration, it will once again play a part in driving London's economy."