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Real Estate Opportunities PLC, the property business company founded by Richard Barrett and Johnny Ronan, says it has seen “significant interest” from potential investors with regard to their multi million pound redevelopment of the iconic Battersea Power Station site, but has yet to lock down any definite deals.
That was the word from the company in an interim management statement related to the events of the last three months. Despite the lack of a definite investment deal, however, Real Estate Opportunities PLC insists that construction on the mammoth commercial property project is still on track to begin Phase 1 next year, for completion sometime in 2016.
“We are pleased with the progress we have made in recent months,” says company chairman Ray Horney. “The planning application for BPS is progressing well, while we are also making good progress toward balance sheet restructuring. We look forward to updating the market on further progress in due course.”
During the three month period, the Mayor of London, Boris Johnson, gave his approval for the project to go ahead, as did Wandsworth Council, and other positive developments such as the signing of a Memorandum of Understanding with NAMA on the company’s business plan all indicate that the initial stages of the project is still progressing at full speed.
Overall, Real Estate Opportunities PLC continues to perform well as a company, with occupancy levels of its current portfolio at an impressive ninety five percent, with an average lease length of no less than twelve years, and its sole current development project, Montevetro in the Irish city of Dublin, set to complete construction at the end of this month.
A spokesman for the company said that any definite deals with investors were not likely to take place until final planning permission had been granted, with the final step needed being the approval from the United Kingdom’s Secretary of State for Communities and Local Government, Eric Pickles. A final decision is expected by the end of the month.
If it gets the green light, the project is expected to create more than three thousand and four hundred homes, an abundance of executive office space, hotels, shopping and leisure facilities, two new Tube stations and more than fifteen thousand new employment opportunities. The project is the largest ever proposed development scheme in the heart of the city of London, and is expected to cost around five point five billion UK pounds (six point fifty five Euros) in total.
If final permission is granted, Barrett and Ronan are understood to be hoping to transfer the ownership of the Battersea Power Station site, which cost six hundred million Euros to acquire back in 2006, to a new company before moving ahead with the development project.
The Board of Real Estate Opportunities PLC says that it continues to be confident that the stability and growth that is predicted in both the UK and Irish economies in the coming year will only benefit the company’s future fortunes.
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