Man who rescued Battersea Power Station steps down after 10 years at ‘monster’ project

The property developer “who saved Battersea Power Station” is stepping down after ten years running London’s most challenging regeneration project.

Rob Tincknell told the Standard he has resigned as chief executive of the Malaysian-owned Battersea Power Station Development Company and will leave the business in June.

He said: ”It’s been a really, really difficult decision but I came to the conclusion that after a decade of leading the project it’s in good shape, there’s been great progress, particularly over the past year, and we have built up an amazing team, so it’s the right time for me to do other things.”

The 51 year developer who once described the daunting project as “a huge space with a monster that everyone knows sitting in the middle of it” said the future of one of London’s best loved buildings was now secure.

He said: ”Things are stable, I am not the kind of guy to leave issues behind me, I wanted to make sure that was the situation and it is.”

He pointed to major milestones such as the first residents moving into what will be a riverside new town where Sting and Bear Grylls have bought homes; securing Apple as a prestigious office occupier when it makes the power station its London HQ in 2021; and completing 1.1 million sq ft of construction with another 3.5 million sq ft underway.

A financial restructuring unveiled in January that valued the power station at £1.6 billion will also put the scheme on a more secure long term footing.

However, his leadership has also drawn some criticism, particularly when Mr Tincknell announced that the construction of 250 affordable homes at the power station site would be delayed because of a squeeze on the scheme’s profitability.

Mr Tincknell first became involved with the project - dubbed “the Everest of real estate” because it has thwarted so many owners - in 2008 after he was headhunted by Irish developers Treasury Holdings.

Sir Giles Gilbert Scott’s Grade II* listed masterpiece had already been left crumbling on the banks of the Thames for 25 years when he was charged with executing a bold masterplan drawn up by Uruguayan architect Rafael Viñoly.

The Irish vision collapsed in the wake of the banking crisis when the building and the 42 acres of land around it was sold for £400 million to a Malaysian consortium that hired Mr Tincknell to lead their version of the £9 billion scheme.

Mr Tincknell said: ”My time has had its ups and downs, it’s not been easy, but I feel incredibly proud of what we have achieved here. We as a team and shareholders have been able unlock the value in Battersea Power Station when others have been unable to.”

Mr Tincknell, who will maintain a role as a member of the Battersea Project Advisory Board, has bought an apartment at the development and said he will be able to watch the progress of the project “out of my bedroom window. He will be succeeded by his deputy Simon Murphy, who also been the development’s finance chief since 2012.

Dato’ Johan Bin Ariffin, chairman of Battersea Project Holding Company, said: “On behalf of the board of directors I would like to sincerely thank Rob for his hard work and commitment over many years. We wish him every success in the future and look forward to continuing to work with him as a member of the advisory board.”