The UK's Battersea Power Station has been sold to Real Estate Opportunities, a firm controlled by the Irish firm Treasury Holdings, for a total purchase price of GBP400 million.

The sale comes two weeks after GBP90 million redevelopment plans for the station were finally permitted. Plans included the building of residential flats, a leisure complex and retail ground.

In addition to the sale of the building, which is one of the largest structures in the world, it also includes the sale of 38 acres and 415 yards of river frontage.

The BBC quotes Victor Hwang, director of Oriental Property and seller of the power station, as saying: We have given a great deal of effort to create a world class project…It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed company.