Earls Court milestones passed

Earls COurt villageCapital & Counties has signed its Earls Court S106 agreement, and exercised the conditional land sale agreement with LB Hammersmith & Fulham.

Capco has announced that formal outline planning consent for the Earls Court Masterplan has been granted following the signing of the Section 106 agreement between the London Borough of Hammersmith & Fulham (LBHF), the Royal Borough of Kensington and Chelsea, London Underground Limited (LUL), Transport for London (TfL) and Capco .

It has also said that it has exercised its option under the Conditional Land Sale Agreement (CLSA) which it entered into with LBHF in January 2013 in relation to LBHF’s land within the redevelopment area. The CLSA was approved by the Secretary of State in April and includes approximately 22 acres including the West Kensington and Gibbs Green estates. Under the terms of the CLSA, Capco can draw down land in phases but no phase can be transferred unless replacement homes for the residents of the relevant phase have been provided.

Capco has already paid £30 million of the £105 million cash consideration payable under the CLSA. Exercising the option commits Capco to the remaining payments of £75 million.

earls court infographicThe Earls Court Masterplan covers an area of 77 acres and provides for 10.1 million square feet of new residential-led, mixed-use space. In July, the Mayor of London gave his consent to the redevelopment of Earls Court and the surrounding area. In August, the Secretary of State for Communities and Local Government chose not to call in the outline planning application.

It is envisaged that the first detailed planning application, covering the Earls Court Village, will be submitted later this year.

Gary Yardley, Investment Director of Capital & Counties Properties PLC, said: “The formal planning consent, the signing of the Section 106 agreement and the exercise of the Conditional Land Sale Agreement are positive steps forward and add further momentum to the Earls Court project. These milestones will allow us to work with the local authorities to take this exciting development forward and deliver the Earls Court Masterplan which will create 7,500 much needed new homes and 12,000 jobs.”

The Section 106 agreement is a £452 million package for the area and will provide a new primary school, a new leisure centre, new health facilities and community and cultural spaces, along with thirty seven acres of green open space and improvements to transport infrastructure including increased capacity at Earls Court, West Kensington and West Brompton Underground stations.

Cllr Nicholas Botterill, Leader of H&F Council said: “We have said, from the very outset, that we would only include the estates if people living on them substantially benefit from redevelopment, followed by the wider area.

“This agreement can leave estate residents in no doubt that they will be the major beneficiaries of the scheme, not only gaining brand new homes, but also reaping the rewards of the huge raft of community improvements that will help them to make a success of their lives.”

Cllr Tim Coleridge, RBKC Cabinet Member for Planning, said: “We have been involved in discussions over many years about the redevelopment of Earl’s Court and it is good news that the developers have agreed to this very significant contribution to the area. It will bring great benefits to all the residents, current and future.”

 

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