Irish property company Treasury Holdings has unveiled a €5 billion redevelopment plan for the site of London's Battersea power station.
Treasury says the development, when complete in 2019, will be so environmentally friendly it won't emit any carbon dioxide into the atmosphere.
Battersea power station has been derelict since it shut down 25 years ago. Since then the iconic London landmark had several owners before it was acquired by Treasury Holdings two years ago for over €500m.
Construction of the original coal-fired power station began in the 1930s. But at its peak - along with the electricity it generated - it was pumping out 500 tonnes of carbon dioxide an hour.
Treasury says its new development, designed by Spanish architect Rafael Vinoly, on the 38-acre site will emit no CO2 into the atmosphere at all.
The original power station building will provide residential and retail space beside a further development under a transparent dome and 300-metre glass chimney which will draw hot air upwards creating a natural ventilation and cooling system.
Treasury Holdings' timetable for the development stretches over a decade, with a planning application later this year and permission in about two years. The power station and the renovated dome will be completed by the end of 2019.
Treasury Holdings UK Managing Director Robert Tincknell today dismissed fears that the project would fail to attract investors because of the credit crunch.
Mr Tincknell told RTÉ News that, with planning permission taking an estimated two years, they would be out of the credit crunch and into a rising market by the time consent had been granted.
However, the original Battersea power station building is now so unstable that Treasury Holdings will have to spend almost €200m on repairs before the development even begins.
