Battersea Power Station has been sold for £400m to Real Estate Opportunities (REO), a publicly listed investment vehicle controlled by Treasury Holdings. Treasury, which is owned by Richard Barrett and John Ronan, has got planning permission to transform the 38-acre site into a mixed-use development. The £1.1bn retail and leisure destination will include bars, restaurants, a multiplex cinema, shops, exhibition and office space and an underground auditorium. The site will also feature a rooftop boutique hotel and health club and spa, as well as a one-table restaurant on top of one of the towers. The power station was formerly owned by the Honk Kong-based Hwang family, who own Parkview International, and bought the property for just over £10.5m in 1993. The Hwangs will have the option of taking a stake in the project by reinvesting 37.5% of the value of the site back in REO. Ray Horney, chief executive officer of REO, said: "The power station itself is a much loved part of London's heritage on a site, which by virtue of its size and location, offers an extraordinary development opportunity." Work is expected to start on the property in the first quarter of 2007.