Bidders ‘will need to flatten iconic site’

The majority of bidders for Battersea power station in London would need to flatten the landmark chimneys to create a financially viable scheme, experts have said.

About 15 bidders including Chelsea Football Club submitted plans this month to buy the protected 15 hectare site in southwest London, the subject of repeated failed redevelopment attempts in the three decades since it shut.

The site came onto the market after a £5.5bn (€6.9bn) plan by Irish developers Treasury Holdings for homes, shops and offices collapsed in December. The site was placed into administration by Lloyds Banking Group and Nama, which are reportedly owed about £400m between them.