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Battersea Power Station in London would be worth an extra £470 million to developers if permission was granted to knock down the iconic structure.
Europe's largest brick building, with a white chimney stack on each corner, has stood derelict on the south bank of the River Thames since 1983, with numerous plans to redevelop having fallen through.
It goes on sale again next month and EC Harris has estimated that if permission was granted to knock down the landmark it would generate £470 million for a prospective developer building 1,200 apartments in its place, Reuters reports.
Savings on renovation costs would total £500 million – equal to the cost of demolition and new build combined.
Mark Farmer, head of private residential property at EC Harris, told the news provider: "You have to ask yourself at what point concerns about its heritage are outweighed by what is truly economically viable."
The site is currently owned by Lloyds Banking Group and Irish state-run National Asset Management Agency.
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