Terry Farrell & Partners has released a proposal for stricken Battersea Power Station which involves partial demolition.

The firm is not connected to the project but is masterplanning a swathe of west London and worked on a major scheme for Lots Road Power Station just upstream.

The current scheme for the long-troubled building - designed by Rafael Vinoly, DRMM and Ian Simpson Architects - is under threat because the owner’s bankers are threatening to put it into administration.

Farrells unveiled its scheme just days later, claiming its “fresh approach aims to combat the bigness that is blocking the project with a plan that doesn’t rely on starting with a ￡1.5 billion new tube station or the refurbishment of an enormous and deteriorating ex-industrial building”.

Terry Farrell said: “We have to learn lessons from the problems that have thwarted previous attempts to redevelop this much-loved landmark.”

He said flats would not sell at their full value if the power station were not dealt with as a priority. So he proposes renovating just the front and back walls and their chimneys and knocking down the sides.

“From most river views this would retain the full convincing form of the building by constructing a grand muscular monument with an open colonnade screen along the two flank walls,” said Farrell.

Before a tube station can be built a tram link to Vauxhall would solve the area’s lack of transport connections, he added.

A second phase could involve the reconstruction of the walls and the roof to contain whatever is considered “viable and appropriate” at that stage.

Farrell said: “This is a pragmatic and incremental approach to enable the redevelopment of this famous landmark sitting in one of the largest and most valuable regeneration sites in central London. In many ways, this strategy is already on its way to being realised as there is one long flank wall missing as well as the roof itself.”