Capital & Counties have reported positive progress at Earls Court in their interim financial report.
The Earls Court interests are valued at £1.1 billion, a decrease of 2.4 per cent on Dec 2016. Capco reports ehat it describes as “Positive engagement with stakeholders on enhancing the Earls Court Masterplan”, and that land enablement works are on track for completion by the end of 2017.
At Lillie Square, Capco have completed 78 units to date, with Phase 1 handovers on track to substantially complete by the end of the year. In Phase 2, 86 units are reserved or exchanged, with pricing “at a modest premium” to comparable units in Phase 1.
The recent sale of the Earls Court Venues business for £296 million has provided them with a significant amount of cash, which they intend to deploy at Earls Court and in their other holdings in Covent Garden.
Ian Hawksworth, Chief Executive of Capco, commented: “Land enablement works are on track and we continue to progress plans for the enhanced Masterplan to maximise the potential of this strategic land holding. At Lillie Square, we have now pre-sold over half of the entire development and handover of Phase 1 is expected to complete by the end of the year.
“Following the sale of Venues and the financing activities undertaken during the period, Capco enters the second half of the year with a strong balance sheet, low leverage and high liquidity. Whilst the broader macroeconomic and political outlook remains uncertain, Capco is very well positioned to drive long-term value creation from its …. estates and take advantage of opportunities to create further value as they arise.”