A community group has offered £1 to buy Battersea Power Station.

With the deadline for prospective developers tomorow, May 4, the Battersea Power Station Community Group (BPSC), which was set up in 1983, is hoping its bid will turn the station into a public development.

If successful they want to transform the derelict building into the people's station, similar to the people's palace Alexandra Palace, in North London.

The group would apply for funding from the Lottery Heritage Fund, with money available post-Olympics to take on big projects like these.

Plans include opening up the space for museums, building shops, restaurants and music concerts.

Brian Barnes, BPSC chairman, said the £1 bid is realistic because of the station's negative value for developers.

He said: "It has always been a problem for developers, the idea is that it should be done as a public development which would be of benefit to Londoners.

"There are hundreds of things to do with the building.

"We would ask V&A and the Science Museum whether they want a museum in there."

The power station is being offered for sale on the open market for the first time in its history.

Wandsworth Council secured planning permission for a £5 billion development last year, including homes, offices, a hotel, retail and leisure facilities.

The plan included £200 million to be spent on connecting to the power station to the Tube network by extending the Northern line from Kennington.

The proposals were put forward by former owner Treasury Holdings but the scheme collapsed at the end of last year.

The company is now suing the National Asset Management Agency (NAMA) over the decision to bring in the receivers.

It claims it could have earned £400m in management fees from the Battersea project over a 15 year period.

The outcome of that legal battle could have an impact on any new plans to develop the site.

The Battersea landmark has been vacant since it was decommissioned in 1983.