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Ballymore Project Approved Next to Future London U.S. Embassy

Feb. 17 (Bloomberg) -- Ballymore Group Ltd. won approval from Wandsworth Council for a plan to turn a former DHL depot and adjoining land into almost 2,000 homes at a site near Battersea Power Station in London.

The development was approved by the council’s planning committee last night, Ballymore director Paul Keogh, said by e-mail.

A total of 1,626 to 1,982 apartments may be built, as well as well as shops, a car showroom, a 100-bed hotel and offices, according to the planning application. The site is known as Embassy Gardens and will be developed next to a five-acre plot sold to the U.S. in 2009 for a new embassy.

Ernst & Young, the administrators appointed to companies that control Battersea Power Station, had objected to the retail element of the Embassy Gardens development, saying it represented a “real and significant threat to the future viability and ultimate delivery” of the plan to redevelop the derelict station.

Battersea was put into administration by creditors led by Lloyds Banking Group Plc and Ireland’s National Asset Management Agency in December. That site is expected to be put on the market in the first quarter of this year, according to a statement in January from the administrator.

NAMA wrote to the council saying it supported Ballymore’s plan and believed that Ernst & Young’s objections were commercially “misguided,” according to a document circulated by the council before the vote.

Ballymore is owned by Irish businessman Sean Mulryan. Canary Wharf Group bought it out of the Wood Wharf site in London’s docklands last month for 38 million pounds in January.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editor responsible for this story: Ross Larsen in London at rlarsen2@bloomberg.net.

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