Battersea worth extra £470m if demolished

London’s decaying Battersea Power Station site would be worth an extra £470 million (€566m) to a developer who could demolish the protected building itself, according to calculations done for Reuters by property consultancy EC Harris.

The extra cash would boost the viability of a stalled scheme central to the creation of 25,000 jobs in the wider area, as Britain’s economic outlook darkens.

Nama and Lloyds Banking Group own the 38-acre (15-hectare) site, which has seen repeated failed redevelopment attempts in the three decades since the power station closed.