Capco say in their annual financial statement that they are making significant progress at Earls Court, while their valuation of the scheme is down.
Capco’s Earls Court interests are valued at £1.1 billion, a decrease of 20 per cent (like-for-like) on 2015’s £1.4 billion.
During the year they completed the first phase of demolition of the Earls Court exhibition centres, submitted representations to the GLA’s London Plan to enhance the Earls Court Masterplan – and deliver more homes – and have progressed the construction of Phase 1 of Lillie Square with the first residents moving in. They say sales of Phase 2 continue at a modest premium to comparable units in Phase 1.
Meanwhile Earls Court Venues (Olympia) have had a good year of trading, with earnings of £19 million, up 29 per cent year on year.
Ian Durant, Chairman of Capco, commented: “Capco has delivered good progress in 2016 with considerable activity and milestones achieved at … Earls Court.”
Ian Hawksworth, Chief Executive of Capco, commented: “At Earls Court, the first phase of demolition is now complete, de-risking the site and preparing the land for future development. Weakened sentiment in the residential market, following changes to stamp duty and political uncertainty, particularly in the first half of 2016, led to a valuation decline at Earls Court Properties of 20 per cent to £1.1 billion.”