Ireland's largest international property group, Ballymore, is to kick-start a major rejuvenation programme in the Battersea area of London after buying four key sites for about £160 million (€212.5 million).

The adjoining sites extend to more than 21 acres and are located between the Flower Market and the Post Office on either side of Ponton Road. The large development, to be known as Nine Elms, will include a mixture of residential units, leisure, commercial and retail space. Part of the scheme will front on to the river Thames and will be serviced by a new rail link into Vauxhall station.

The leading London architects Foster & Partners have been engaged to work with Ballymore on creating "a world-class development" in Battersea, which is seen as one of the London "hot-spots" for redevelopment over the next few years. The two other locations targeted for redevelopment are the Battersea Power Station and the markets area but in both instances there are serious planning issues yet to be overcome. Ballymore did not avail of an option to acquire the power station a few years ago because of the planning problems. However, Treasury Holdings has since bought the old coal-burning plant for around €600 million and is facing a major test to get a worthwhile planning permission.

Ballymore has been heavily involved in the regeneration of the London docklands since 1992 and is now the second-largest landowner in the area. Its New Providence Wharf and the adjoining 29-storey Ontario Tower are among the main landmark buildings on the docklands. Ballymore is due to complete work later this year on Pan Peninsula - two towers of 40 and 50 storeys containing 790 apartments which will be the tallest residential building in the city.