Contracts were exchanged yesterday (Wednesday) for the sale of the 39 acre Battersea Power Station site to a consortium of Far East investors - led by the Malaysian-based companies SP Setia, Sime Darby and the Employees' Pension Fund of Malaysia.

The consortium has exchanged contracts on a £400m deal for the site and is scheduled to complete the purchase in September.

Wandsworth Council leader Ravi Govindia has welcomed the conclusion of negotiations for the purchase of Battersea Power Station.

Councillor Govindia said: ""This is the latest in a series of exciting announcements for Nine Elms in recent weeks with a number of major sites gaining permission and now confirmation that the Power Station plans can finally move forward.

"We are delighted that the new owners share our ambitions for the area. The development here is key to creating jobs and generating funding support for the Northern Line Extension which will bring economic benefits throughout the wider Vauxhall Nine Elms area."

Planning permission has been granted for 3,500 homes and 1.7 million square feet of office space, as well as for hotel and retail units on the power station site.

The wider regeneration of the 450 acre Nine Elms Opportunity Area is expected to deliver a total of around 16,000 new homes and 25,000 new jobs.

Three quarters of these new homes are already in the planning pipeline or under construction.

Two new Northern Line stations are planned to connect Nine Elms to the underground network. One would be located on Wandsworth Road and another at the Power Station.

A new pedestrian and cycle bridge across the Thames is planned to create another link to Westminster.

To find out more about the regeneration plans for this part of central London visit www.wandsworth.gov.uk/nineelms.