The agreement to sell West Ken and Gibbs Green estates to Capital & Counties has been approved by LB Hammersmith & Fulham’s cabinet.
The deal was recommended for approval last month. Now Hammersmith & Fulham Council will enter into a Conditional Land Sale Agreement (CLSA) with developer EC Properties (a subsidiary of Capco) to include the West Kensington and Gibbs Green estates in the planned redevelopment of the wider area.
Providing planning permission is granted, the council hopes it would pave the way for more than £1billion worth of community benefits in the local area, creating 9,500 permanent new jobs and 8,000 new homes – including 760 new replacement council homes.
Cllr Nicholas Botterill, Leader of H&F Council, said: “This major regeneration could lead the way in lifting the country out of recession – ploughing hundreds of millions of pounds worth of investment into London’s economy and bringing thousands of new homes and jobs.”
An outline planning application to redevelop the area, based on Sir Terry Farrell’s masterplan, is due to be considered by H&F Council’s planning committee on September 12. If the planning application is granted, H&F will refer it to the Mayor of London, while the Secretary of State also has the discretion to call it in.
Once the CLSA is signed the council will eventually receive approximately £105million, an estimated £54million of which, after compensation and costs, would be available to be reinvested back in the borough. The council would also receive 760 replacement homes for people currently living on the estates. Taken together, says the council, the CLSA would be worth £220million to £289million as a whole before costs.
Now the deal is agreed, LB Hammersmith & Fulham will make an application to the Secretary of State for Communities and Local Government to transfer estates land. This is likely to be considered next March.
See previous coverage.