In their Interim Results for the six months ended June 30 2015 Capital & Counties said their plans were “on track” at Earls Court.
Capco value their Earls Court interests at £1.3 billion, up 6 per cent on December 2014. They have completed Earls Court Partnership Limited, the investment vehicle with TfL, of which they own 63 per cent.
They say demolition of the former exhibition centres is underway and progressing well, and that the construction of Phase 1 of Lillie Square is progressing well with the first completions expected in 2016.
They have made £258 million of sales in Phase 1, and expect to start formal sales of Phase 2 of Lillie Square in September 2015.
Meanwhile, they say the venues business – now concentrated on Olympia – is “reinvigorated and performing ahead of expectations”.
Ian Hawksworth, Chief Executive of Capco, commented: “Our plans at Earls Court continue to advance. We have completed the investment vehicle with TfL and demolition
is progressing well. At Lillie Square, construction of Phase 1 is on track and we are finalising plans to begin sales of Phase 2.”