Capital & Counties have posted another decline in the valuation of their Earls Court properties in their annual accounts for 2017.
Ian Durant, Chairman of Capco, commented: “Economic and political uncertainty has impacted the London residential market, resulting in a decline in the valuation of our Earls Court interests.”
While there has been progress – the complex demolition works are now complete, Lillie Square Phase 1 has been substantially handed over and Phase 2 is 50% reserved or exchanged, and the Earls Court Venues business (Olympia) has been sold – Capco now values its Earls Court interests at £1.0 billion, a decrease of 11.8% on a like-for-like basis.
Ian Hawksworth, Chief Executive of Capco, commented: “The Earls Court Masterplan is one of the most important mixed-use development opportunities in London, with the potential to create a new district, delivering homes, jobs and investment at scale. This strategic scheme has a planning consent in place, existing transport infrastructure and the ability to grow with the needs of London. Whilst political and macroeconomic conditions have impacted the residential market resulting in a further valuation decline, a number of operational milestones have been achieved and as a long-term investor, Capco will continue to engage with partners and stakeholders to evolve and bring forward the Masterplan.”