Delancey are set to sell the Gibbs Green and West Kensington estates back to Hammersmith & Fulham Council as part of their deal to buy Earls Court from Capital & Counties.
The two estates were the subject of a conditional land sale agreement a decade ago, but, it is understood, will now be returned to public ownership under the terms of a deal reportedly struck by Hammersmith & Fulham council leader Stephen Cowan.
The estates would have become part of the regeneration project centred on the former Earls Court exhibition centre. Capco have now agreed the sale of the site to Delancey. The local authority is understood to have reached an agreement with Delancey under which the estates will be restored to the council in exchange for the original £105 million fee once the Earls Court sale is complete.
Cllr Cowan said: “For over a decade the residents of the West Kensington and Gibbs Green estates have suffered huge anxieties because the threat of demolition hung over their homes.
“On Friday we exchanged contracts with Delancey which is the first step to bringing about the safe return of all the land sold to Capco — which includes the two estates. In 10 working days’ time, when all parties complete, this saga will be brought to an end and our residents homes will be safe.”
