Their company Treasury Holdings bought the 38-acre site of the disused power station in 2006 for £400m before selling it last year to their London-listed property development vehicle Real Estate Opportunities (REO). 

Treasury owns 67% of REO, which subsequently spent at least a further £58m snapping up adjoining property.

The masterplan includes approximately 3m sq ft of residential units, 900,000 sq ft of retail space, 2.5m sq ft of offices, a 1m sq ft hotel and serviced apartments, and 500,000 sq ft of leisure, cultural and community accommodation. There will also be over 3,000 apartments and a possible tube extension.

REO also plans to use two of the landmark's famous four white chimneys to help power the new riverside flats through an energy efficient electricity generator installed in the station's basement.

The plans have been drawn up by Uruguayan architect Rafael Vinoly.