Positive Planning Decisions Obtained

RNS Number : 0347E

Capital & Counties Properties Plc

04 April 2014

 



4 April 2014

Capital & Counties Properties PLC

POSITIVE PLANNING DECISIONS OBTAINED FOR EARLS COURT VILLAGE AND EMPRESS STATE BUILDING

Capital & Counties Properties PLC ("Capco") welcomes the decisions this week from the planning committees of the Royal Borough of Kensington and Chelsea ("RBKC") and London Borough of Hammersmith and Fulham ("LBHF") to approve Capco's Reserved Matters Applications which include the detailed design proposals for Earls Court Village. This follows receipt of outline planning permission for the 10.1 million square feet Earls Court Masterplan from both boroughs in November 2013.

The proposals for this part of the Masterplan, which now have detailed consent, cover an area of 16 acres and provide for 2.4 million square feet of residential-led, mixed-use space. This will include over 1,200 new homes, 3.35 acres of publicly accessible park and the first phase of the new High Street.

In addition, a separate detailed planning application for a change of use for the Empress State Building from commercial to residential was also consented by LBHF on 3 April. The Empress State Building will now be integrated into the Earls Court Masterplan, adding 580,000 square feet of residential floor space to the overall Masterplan area. The new scheme proposes the creation of 340 new homes as well as improvements to the façade of the existing building.

Gary Yardley, Investment Director of Capco commented:

"We are delighted that our detailed proposals for Earls Court Village and the Empress State Building have been approved by RBKC and LBHF. The project has real momentum and this decision signals another major milestone in delivering the vision for Earls Court. As well as creating a vibrant new part of London, the plans will act as an enormous boost to the economy, creating thousands of new homes and jobs and signalling an £8 billion investment in the local area."

Enquiries

Capital & Counties Properties PLC

Sarah Hagan, Director of Communications              Tel: [phone]

[e-mail]

Public relations

UK: Michael Sandler, Hudson Sandler                       Tel: [phone]

SA: Frederic Cornet, Instinctif Partners                      Tel: [phone]

Notes to Editors:

The Reserved Matters Applications

·     Reserved matters applications seek approval for detailed design including landscaping, the scale of buildings and their layout and appearance. These detailed designs must and do comply with the Parameter Plans, Design Guidelines and Planning Conditions that form part of the consented outline planning permission.

·     This Reserved Matters Application was formally submitted to RBKC and LBHF by Earls Court Properties, a wholly-owned undertaking of Capital & Counties Properties PLC.

·     The detailed design proposals for Earls Court Village have been developed in collaboration between architects Sir Terry Farrell & Partners, KPF and Pilbrow & Partners.

·     Andy Sturgeon is one of the world's leading landscape and garden designers whose contemporary gardens are widely admired for their timeless architectural qualities, innovative planting and sculptural characteristics.

The Empress State Building Application:

·     Capco became full owners of the Empress State Building in 2013 and it is leased to the Mayor's Office for Policing and Crime (MOPAC) on behalf of the Metropolitan Police Service (MPS) until 2019.

·     This detailed planning application is separate to Earls Court Village and proposed:

-      340 homes within the Empress State Building over a gross internal area (GIA) of 580,000 sq ft ranging from 1 to 4 bedroom apartments, 10% of which have the ability to become fully disability accessible homes

-      Up to 102 housing units (up to 58,500 sq ft of GIA) to be made available for intermediate affordable housing within the Earls Court Masterplan area

-      Improvements to the façade of the existing building to reflect the change of use

-      Internal amenities for residents, including children's play areas

-      Car parking ratio of 0.6 as agreed for the Earls Court Masterplan - 211 car parking spaces within the basement area, including 37 spaces for blue badge holders

-      468 cycle parking and 21 motorcycle spaces

-      A new retail unit to complement the new High Street

About Capital & Counties Properties PLC (Capco)

Capital & Counties Properties PLC is one of the largest investment and development property companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. Capco holds 3.6 million square feet of assets valued at £2.3 billion (as at 31 December 2013) in two landmark London estates: Covent Garden, which has assets valued at £1.2 billion including the historic Market Building, and Earls Court Properties including the Empress State Building with aggregate property assets of £934 million.

The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.

www.capitalandcounties.com

About the Earls Court Masterplan:

The Earls Court Masterplan received outline planning consent in November 2013 and is one of the largest regeneration projects in London. The Masterplan covers 77 acres of land, known as the Earls Court & West Kensington Opportunity Area, owned by Capco, TfL and London Borough of Hammersmith & Fulham (LBHF). The Earls Court Masterplan is 10.1 million square feet of space and was designed by Sir Terry Farrell who was inspired by the best of London to create 'Four new Urban Villages and a 21st Century High Street'. The Masterplan will deliver 7,500 new homes, 10,000 new jobs as well as new open green space, health facilities, new schools, community and cultural space and improvements to the transport and infrastructure of the local area. Earls Court 1 & 2 will be part of the first phase of the Earls Court Masterplan with further phases to include the estates within LBHF and London Underground Limited's Lillie Bridge Depot, if and when it is operationally feasible to do so.

 

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