|Earls Court Redevelopment Comes Two Steps Closer|
Developer Capco says "re-imagination" is moving forward
The controversial Earls Court redevelopment has come a step closer with Hammersmith and Fulham's Planning Applications Committee granting approval to a reserved matters application, which showed councillors and residents in more detail how the scheme would look.
The council says the Earls Court redevelopment, which has faced strong opposition from residents of West Kensington and Gibbs Green Estates, which will be demolished along with the famous Earls Court Exhibition Centre, will provide 690 residential units and 4,895sqm of commercial floorspace.
At the same Planning Applications Committee meeting on April 3, permission was also granted for the conversion of the 31 storey Empress State Building, which is currently being used by the Metropolitan Police, from offices to residential, housing 340 flats.
The council's approval comes as developer Capco, or Capital & Counties Properties PLC and Transport for London have announced the establishment of a established a joint venture, Earls Court Partnership Limited (Earls Court Partnership or the Joint Venture) which it says will enable the development of Earls Court 1 & 2 in line with the Earls Court Masterplan.
Earls Court Partnership has been formed with Capco owning 63% and TfL 37% of the shares respectively.
The Joint Venture has appointed a board of directors which comprises four representatives from Capco and three representatives from TfL.
Capco has also been appointed as the business and development manager to enable the development of Earls Court 1 & 2 to be co-ordinated with the wider development of the Masterplan.
The Masterplan will see the development of a new primary school, a new leisure centre, new health facilities as well as community and cultural spaces.
37 acres of green open space will be provided, including a new five acre park and there will also be significant improvements to the transport infrastructure including increased capacity at Earls Court, West Kensington and West Brompton Underground stations.
TfL owns the freehold to the exhibition centres known as Earls Court 1 & 2 and Capco is the leaseholder of both sites.
In addition to its leasehold interest, Capco owns certain other adjacent land interests, including the Northern Access Road, which will be contributed to the Joint Venture.
It is anticipated that the joint venture arrangements will complete in full once vacant possession is available, which will result in new 999 year leases over Earls Court 1 & 2 being granted to the Joint Venture.
In addition, on completion the Joint Venture will acquire other smaller properties in the Earls Court area currently owned by Capco.
Gary Yardley, Investment Director of Capco, said: "We are delighted to finalise this agreement and look forward to working with TfL.
"The re-imagination of Earls Court is moving forward and presents a unique opportunity to establish a new address in central London.
" Together with our partners, we will bring 7,500 new homes, 10,000 new jobs to the area, and benefits not just for the local economy, but for London as a whole."
April 9, 2014