Tuesday, January 5, 2010

Decrepit London landmark shows property pain

LONDON (Reuters) - A gust of wind howls around Battersea Power Station, an industrial wasteland by the Thames whose coal-fired furnaces were once used by the Bank of England to burn millions of pounds worth of banknotes.

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A couple of tourists who have ventured off the beaten track around Buckingham Palace stand on tiptoe as they strain to photograph the gargantuan structure over a high screen.

As debt-laden developers face the ruins of recent extravagance, the Power Station -- Europe's largest brick building -- is a decrepit symbol of the past profligacy and present pain in Britain's real estate market.

In World War Two the central bank turned to Battersea to burn 120 million pounds of notes it had not had time to cancel as it introduced a new design against feared enemy forgeries.

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