The owner of Battersea Power Station is set to go into receivership, putting the future of the 750,000sq m Rafael Viñoly-designed masterplan in doubt.

Irish site owner, Real Estate Opportunities - which owns 54% of the site, owes Bank of Scotland £325 million in debt, fees and swap liabilities, payment for which was due in August. According to reports, its lenders will take control of the sale process after appointing administrators at the end of next week.

If the sale goes ahead it would be the fourth time the iconic listed building has changed hands owing to the large cost of redevelopment and poor transport provision.

In a statement Real Estate Opportunities said: “The company remains in discussions which may result in the disposal of the group’s interest in the Battersea Power Station site and repayment of associated liabilities. However, there is no certainty that any such transaction will be effected.”

Earlier this year Ian Simpson Architects and DRMM were appointed to work on the first phase of the project, which includes around 900 apartments, including student accommodation and a 120-bedroom hotel.

The news came a day after the government backed plans for an extension to the Northern Line with a stop at Battersea Power Station.

Construction of the tunnels and station, estimated to cost up to £950 million, would be funded through a levy imposed on private development sites in the area.