H&F Council Adopts New Earls Court SPD

RNS Number : 6536Z

Capital & Counties Properties Plc

20 March 2012

 



PRESS RELEASE

20 March 2012

HAMMERSMITH & FULHAM COUNCIL ADOPTS NEW EARLS COURT PLANNING POLICY

Capital & Counties Properties PLC ("Capco") is pleased to note that the London Borough of Hammersmith & Fulham ("LBHF") has adopted a new policy document, known as the Supplementary Planning Document ("SPD"), covering the Earls Court & West Kensington Opportunity Area ("ECOA").

The SPD supports the planning policy basis for the consideration of the planning application for Sir Terry Farrell's Earls Court Masterplan, which proposes a 7,500 home development across the ECOA. Following adoption of the SPD by LBHF, it is understood that it will be considered by the Royal Borough of Kensington & Chelsea shortly.

The site has already been identified as an Opportunity Area by the Mayor of London in the London Plan, meaning it is considered as a site potentially suitable for comprehensive development. Following adoption by LBHF, and if adopted by RBKC, it is anticipated that the Mayor will publish the document as Supplementary Planning Guidance.

In July 2011, an Exclusivity Agreement was signed by Capco and LBHF allowing a 12 month period for both parties to progress discussions in relation to LBHF owned land within the ECOA. Capco has now agreed with LBHF to acquire any private residential units on the West Kensington or Gibbs Green estates in the unlikely event that LBHF is required to purchase these properties if an owner brings forward a valid claim under certain provisions of the Town and Country Planning Act 1990 which relate to Statutory Blight suffered as a result of the adoption of the SPD, up to a maximum of £50 million including certain other related costs. Capco can give notice to terminate the agreement if a land purchase agreement is not entered into by the end of the exclusivity period in July 2012. It is intended that costs incurred would be offset against the consideration relating to any future land purchase agreement in respect of the LBHF land.

In addition, Capco has been informed that the application for judicial review in respect of the Exclusivity Agreement has been withdrawn.

Gary Yardley, Investment Director of Capco, commented:

"We are pleased that the SPD has been adopted by LBHF. This augments the sound planning policy basis for the consideration of the Masterplan planning application."

-ENDS-

Capital & Counties Properties PLC
Ian Hawksworth, Chief Executive Gary Yardley, Investment Director	Tel:        + 44 (0) 20 3214 9188
Soumen Das, Finance Director

For financial media enquires please contact:

Hudson Sandler (UK)      Michael Sandler/Wendy Baker	Tel:        [phone]
College Hill (South Africa)           Nicholas Williams	Tel:        [phone]

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Chris Rumfitt, Edelman                                                 Tel:        [phone]

Notes to Editors: 

Statutory Blight occurs under certain provisions of the Town and Country Planning Act 1990. A blight notice is a notice in a prescribed form that a claimant serves seeking to accelerate the compulsory purchase of their property by claiming that he/she falls within one of the specified categories in the Act.

About Capital & Counties Properties PLC (Capco):

CAPITAL & COUNTIES PROPERTIES PLC is one of the largest companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.3 million square feet of assets valued at £1.6 billion (as at 31 December 2011) in three landmark London estates: Covent Garden, which has assets valued at £808 million, including the historic Market Building; Earls Court & Olympia Group and 50% of the Empress State building in Earls Court amounting to aggregate property assets of £574 million; and the Great Capital Partnership, a joint venture with Great Portland Estates, which holds prime West End properties of which Capco's share is £241 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.

 

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