Rafael Viñoly’s masterplan for the redevelopment of Battersea Power Station will act as a catalyst for the regeneration of a huge swathe of land along the River Thames, developer Real Estate Opportunities claimed this week.

In its annual report this week, REO positioned the power station development as forming a key part of the Nine Elms corridor project, which runs from Battersea Park to Vauxhall Cross.

Plans for the area, which also involve developing the New Covent Garden Market site, are being developed by the Greater London Authority and partners including local authorities Wandsworth and Lambeth. REO — which claims it has had a successful year financially despite the credit crunch — signalled that Viñoly’s scheme would be a high density project and an exemplar of sustainability, adding that the new masterplan will be finished by mid 2008.

REO, part of Irish developer Treasury Holdings, acquired the site for £400 million in 2006. It had planning permission for a scheme by Arup, but last year announced that the existing plans did not make the most of the site. It now expects to submit a new application at the start of 2009.

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