Image: A bright future for the iconic London site?

A joint venture between Malaysian-based developers SP Setia and Sime Darby Property has been named as the preferred bidder for the Battersea Power Station site in London, UK.

The companies have entered into an exclusivity agreement with joint administrators and joint receivers from Ernst and Young to acquire the site in a £400m deal (US$620m, EUR493m).

Planning permission for a major £5.5bn redevelopment designed by Rafael Viñoly had been approved in 2011, before the site's previous owner was placed into administration.

The site was marked by international property consultancy Knight Frank in order to secure a new owner, with Chelsea Football Club among a number of bidders to come forward.

SP Setia and Sime Darby Property are planning to transform the landmark Battersea Power Station with a "sustainable multi use real estate regeneration project".

The consortium also pledged to "preserve the façade of the historical power plant with its iconic chimney stacks", as well as contributing towards an extension of the Northern Line.

In a statement, the site's administrators said: "The joint administrators are pleased to announce that they entered into an exclusivity agreement with SP Setia and Sime Darby and are working towards a timely exchange and completion of the site and associated land."

Details: www.simedarby.com (Sime Darby)

Details: www.knightfrank.co.uk (Knight Frank)

Image: Pres Panayotov/shutterstock.com