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Barking Reach Power Station occupies a huge 42 acres of land in a great location to the east of Canary Wharf and Central London. The facility shut down in 2014 and is now the focus of redevelopment. It could sell for around £100million.
There are two major bidders for the site. Firstly is the London Corporation. They plan on using the land for a new marketplace.
The Corporation’s main aim is to move New Spitalfields, Billingsgate and Smithfield markets. While they are historic and popular, the sites have limitations and are in locations with lots of potential. As a result the plan is to move the markets. This would allow them to develop their current sites into new commercial hotspots and homes.
The second bidder with an interest in the site is retail giant Amazon. They are looking for large plots close to the centre of the city that could be new distribution centres. This is tricky because of the scarcity of land. The former power station fits the bill perfectly though.
A great future
Whoever wins the bidding and buys the site, the local area will benefit. The development could create plenty of new jobs. If the London Corporation is successful the market could also attract more visitors and boost the economy.
The successful bidder is expected to be revealed this month. It will be interesting to see what the plan is for the site afterwards.
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