Resolution to grant consent for EC Masterplan-RBKC

RNS Number : 6377R

Capital & Counties Properties Plc

21 November 2012

 



21 November 2012

CAPITAL & COUNTIES PROPERTIES PLC

RESOLUTION TO GRANT CONSENT FOR EARLS COURT MASTERPLAN FROM RBKC

Plans to redevelop the Earls Court and West Kensington Opportunity Area into an exciting new urban district containing more than 7,500 new homes and creating 12,000 new jobs have been approved by the Royal Borough of Kensington & Chelsea ("RBKC").

Capital & Counties Properties PLC ("Capco") welcomes the decision made last night by the Council's planning committee to resolve to grant outline planning permission to turn the Earls Court and West Kensington Opportunity Area ("ECOA") into a vibrant, new urban district.

The Earls Court Masterplan sits across two boroughs and the RBKC decision follows the September approval by the London Borough of Hammersmith & Fulham ("LBHF") for the redevelopment.  Sir Terry Farrell's Masterplan is based on the concept of 'Four Urban Villages and a 21^st Century High Street' and is inspired by the best of London including garden squares, mansion blocks and open space. The scheme will comprise of 10.1 million sq ft of development including 7,500 new homes, around 1,500 of which will be affordable, offices, hotels, work space, education, cultural and community facilities, as well as a new five acre park for London.

Ian Hawksworth, Chief Executive of Capco said:

"We are delighted that the Earls Court Masterplan has now been approved by both RBKC and LHBF. The project has real momentum and we look forward to working with the local authorities to deliver Sir Terry's vision for a new urban quarter in this exciting part of London."

The Section 106 agreement, which provides for significant investment in improvements in the area including transport, employment and training, is being finalised with the local authorities. The Greater London Authority is also considering its Stage 2 report on the Masterplan which is anticipated in the coming weeks.

-ENDS-

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

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Hudson Sandler (UK)      Michael Sandler/Wendy Baker	Tel:        [phone]
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About Capital & Counties Properties PLC (Capco):

Capco 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 3.0 million square feet of assets valued at £1.6 billion (as at 30 June 2012) in three landmark London estates: Covent Garden, which has assets valued at £856 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 £620 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 £159 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.  

 

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