Battersea Power Station will be put up for sale on the open market next week.

It is the first time in its history that the grade II* landmark, Europe’s biggest brick building, will have be sold in this way.

Knight Frank is handling the sale for administrator Ernst and Young following the collapse of the Irish-backed Rafael Vi?oly scheme in November.

A huge global marketing push will be launched next week, with glossy brochures pushing its “iconic” status and describing it as the last major regeneration site in central London.

The site will be sold with planning permission for a ￡5 billion mixed-use development – and the requirement for the crumbling power station to be restored. It was last valued at ￡500 million in October.

Rosie Cade from Knight Frank said it was the first time it would have been put out to tender, with final sealed bids due in the autumn.

She said: “It’s incredibly exciting. It’s been sold three times since it was decommissioned in 1983 but always by private treaty. It’s never been a test of the market. It could be bought by anyone, though it will have to be someone with pretty deep pockets.”

Last week Terry Farrell announced he planned to submit a listed building application at his own expense to allow the less important parts of the building to be demolished.