Irish developer Treasury Holdings is reported to be on the verge of taking a controlling stake in the £1.5bn redevelopment of London’s Battersea Power Station.

The privately-owned group, led by Richard Barrett and Johnny Ronan, are believed to have signed a conditional agreement with Parkview owner Victor Hwang to take over the project.

It is understood that architect Lord Foster has been lined up by Treasury for the project, leading to speculation that the project will see an increase in its residential allocation.

This was also the plan behind an earlier bid by another Irish developer, Ballymore, to take over the Battersea Power Station project from Parkview.

This foundered earlier in the year, and since then Parkview has been in talks with a series of groups, including Middle Eastern backed venture capital group MerchantBridge.

Treasury’s bid for Battersea has echoes of another venture it pursued early in the decade, when it was in the running to buy the Millennium Dome for another major mixed use project.

This attempt foundered, but since then the group has prospered on the back of the booming Irish economy and has also ventured into China.