Chelsea's hopes of moving to Battersea Power Station have been finally extinguished after a Malaysian consortium completed a £400m purchase of the London landmark.

The club are considering moving away from Stamford Bridge and had lodged a bid to move to the iconic 39-acre site on the south bank of the River Thames.

Chelsea's bid to move to Battersea Power Station has failed. Photograph: Oli Scarff/Getty Images

Chelsea released plans in May that detailed how they hoped to turn the derelict site in to a 60,000-seater stadium incorporating the four famous chimneys. But the administrators Ernst & Young revealed last month that they had shunned the club's offer, opting instead to name a Malaysian consortium as the preferred bidders.

After a 28-day due diligence process, the consortium's bid has now been rubber-stamped.

"Following a global marketing process that started in February 2012 and covered all major world wealth centres, a consortium comprising SP Setia, Sime Darby and the Employees' Pension Fund of Malaysia have exchanged contracts on the (Battersea) site for £400m," a statement from Ernst & Young read.

The consortium has planning consent to build 3,500 homes and 1.7m square feet of office space. It also plans to build a tube station on the premises that will connect to the Northern Line.

Last year Chelsea failed in their bid to buy back the freehold of the 42,000-capacity Stamford Bridge from the supporters group Chelsea Pitch Owners.

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