26th September 2013
Hong Kong-based Hutchison Whampoa Properties will develop 706 homes on the eight-acre site, 275 of which will be affordable.
The official ground-breaking ceremony on the site happened this afternoon.
Once the building which powered the London Underground, the power station itself will be converted into 260 apartments, making it one of the largest residential converted buildings in the UK. The scheme will also open up 600 metres of Thames walkway, the longest stretch to become available to the public since 1904.
Mayor of London Boris Johnson, who unveiled the plans at a ceremony today, said: “The towering Lots Road power station is a magnificent reminder of our Victorian heritage.
“Originally built to help power London’s underground over 100 years ago, it is now helping to provide the new homes and jobs necessary to secure this city’s future prosperity.”
Previous developments on the river by Hutchison Whampoa Properties include Montevetro and Albion Riverside in Battersea, completed in 2000 and 2003 respectively.
Raymond Chow, group managing director of Hutchison Whampoa Properties, said: “We find London an excellent place to invest, with the River Thames providing the perfect backdrop for our innovative, high-quality design. Like Montevetro and Albion Riverside before it, Chelsea Waterfront will become a key part of the local community and an iconic feature on the London skyline.”