Capital & Counties Properties’ (Capco) plans, the first step in their planned £20bn regeneration of the Earls Court exhibition centre site and surrounding area, have been granted detailed planning permission. They will replace the existing car park with a mixed use scheme containing 808 new homes, ranging from townhouses to apartments around a new public garden square.
The project includes 200 affordable homes that Capco says will be made available for the relocation of some residents of the Gibbs Green and West Kensington Estates in the event that regeneration of these estates occurs.
As announced in December, Capco has a conditional agreement the Kwok Family to form a 50:50 joint venture in respect of Capco’s interests in and around Seagrave Road. Completion of the JV is expected upon expiry of the three month statutory period which follows finalisation of the section 106 Agreement and sign off from the Mayor of London.
Ian Hawksworth, Chief Executive of Capco said: “We are delighted by the Council’s decision on Seagrave Road. It confirms our long term view of the value which can be unlocked from Capco’s holdings in the area through a residential-led scheme. The site is an exciting opportunity to begin the transformation of the area, creating hundreds of new homes and jobs.We look forward to pursuing our plans for the project within the joint venture with the Kwok Family Interests.“