LB Hammersmith & Fulham will decide shortly on an exclusivity deal with EC Properties over the redevelopment of the West Kensington & Gibbs Green estates.
The Cabinet will decide on July 18 whether the council should agree the deal with EC Properties, a wholly owned subsidiary of Capital & Counties (CapCo) which could eventually lead to a development bringing new homes for people living on the West Kensington & Gibbs Green estates.
The deal would see the council and CapCo work together for the next year to see if the final details of a land sale agreement to include the estates in the redevelopment area can be concluded. EC Properties would pay the Council a non-refundable deposit of £5 million, and £10 million which is refundable if a deal is not agreed within the one year timeframe.
In 2009 the Council signed a collaboration agreement with EC Properties and Transport for London (TfL), which also owns land in the proposed development area. The council says this latest agreement gives them the time and resources needed to work on the proposal in detail to ensure it gets the best deal for estate residents, the wider area and the borough as a whole.
EC Properties is one of three landowners, including Hammersmith & Fulham (H&F) Council and TfL, working with Sir Terry Farrell on the Masterplan for the regeneration of the Earls Court & West Kensington Opportunity Area which the council sees as having the potential to create 7,500 new homes and 12,000 new jobs.
Last month EC Properties submitted an outline planning application for the site, along with a detailed planning application for land at nearby Seagrave Road.
Cllr Stephen Greenhalgh, Leader of H&F Council said: “This is yet another important stage in our desire to bring new jobs and homes to the area.”
There has been local opposition to the plans to include the two estates in the redevelopment of the Earls Court area. However, LBHF maintain that many people on the estates want to see the plans go ahead.
Maureen Way, who is a member of the West Kensington and Gibbs Green Resident Steering group said: “Contrary to the rumours, many, many people on the West Kensington and Gibbs Green estates want to see what improvement this development could bring to the area. If the development does go ahead, we believe that we have negotiated the best deal for residents.”