The conditional 50:50 joint venture agreement is with companies owned by some members of the Kwok family for the development of the Seagrave Road site (pictured). CapCo says the news is an important milestone in their proposals to create new homes and jobs for the area.
The agreement will only take effect if the Council approve the development of the Seagrave Road car park, an application which is expected to be determined in the next few months. If approval is given, the earliest that development could begin on the Seagrave Road Site would be autumn 2012, as Earls Court is an Olympic venue.
The Seagrave Road site is currently the Earls Court Exhibition Centre’s car park and covers seven acres. The proposed scheme will deliver a high-quality, mixed tenure residential neighborhood comprising 808 new homes and a range of amenities. The site is set within the wider Earls Court & West Kensington Opportunity Area (ECOA) and forms part of Sir Terry Farrell’s masterplan vision for the area.
The Kwok family are major shareholders of Sun Hung Kai Properties Limited, one of the largest real estate companies listed on the Hong Kong Stock Exchange. CapCo says their decision to enter into a conditional joint venture is “a vote of confidence not just in the development of the area, but in the London property market as a whole”.