Earls Court planning applications submitted 22 June 2011Back to listing
MULTI-BILLION POUND DEVELOPMENT TO CREATE THOUSANDS OF NEW HOMES AND JOBS
EC Properties Ltd (”EC Properties”), a wholly-owned subsidiary of Capital & Counties Properties PLC (”Capco”), is pleased to announce that it will today submit planning applications for the Earls Court & West Kensington Opportunity Area. The planning applications include outline applications for the 77 acre Sir Terry Farrell Masterplan, plus a detailed application for the 7.5 acre Seagrave Road car park site.
The scheme will represent a multi-billion pound investment in London, and the project has a total estimated value of £8 billion. More than 7,500 new homes and 12,000 new jobs will be created by the Masterplan which together with Seagrave Road involves 11.4 million square feet of development (see notes to editors for details). In addition to the new homes, the Masterplan includes offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 23.5 acres of public open space including the 5 acre ‘Lost River Park’.
The application for the Seagrave Road site replaces the existing 7.5 acre car park with a scheme comprising 808 new homes ranging from townhouses to apartments, and centred around a 90 metre long garden square.
At present the Opportunity Area, which is identified in the Mayor’s London Plan, principally includes the Earls Court Exhibition Centres, owned by EC Properties; railway lands, largely owned by Transport for London (”TfL”); and the West Kensington and Gibbs Green housing estates, owned by the London Borough of Hammersmith & Fulham (”LBHF”). The Masterplan has been developed by EC Properties on behalf of the three landowners.
Once verified, the applications will be considered by the LBHF (for both the Masterplan and the Seagrave Road plans) and the Royal Borough of Kensington & Chelsea (RBKC) (for the Masterplan only).
Update on commercial agreements on land assembly
Good progress is being made on a land agreement between LBHFand EC Properties which, if approved by the relevant parties, could pave the way for residents on the council-owned estates to be included in the development and receive new modern homes in the same area as they are already living.
The Leader of the Council has stated today that he is convinced that a comprehensive approach to the Opportunity Area, including all of the three main landholdings, represents the best way forward. Secure tenants, leaseholders and freeholders on the estates have negotiated a set of legally-binding guarantees for new homes with the Council should planning permission for redevelopment be granted, which would be reflected in any agreement between EC Properties and LBHF.
Discussions between EC Properties and Transport for London to agree a renewed lease for Earls Court, and for a commercial agreement over the inclusion of their respective landholding in the development, are also progressing well. Further announcements will be made as appropriate.
Sir Terry Farrell, Founder of Terry Farrell & Partners, said:
“We have developed a Masterplan that draws inspiration from the surrounding communities to create ‘Four Villages and a 21st Century High Street’ which will bring new homes, health & education facilities, as well as remarkable new open space to London.”
Anthony Bickmore, Head of Corporate Finance Property Development, Transport for London, said:
“The plans for Earls Court represent a fantastic opportunity for Transport for London, both to play its part in the revitalisation of a part of London, and also to utilise its landholding to generate investment in the transport network. Getting to this stage has involved working closely with Capco and Hammersmith & Fulham Council and we will continue to do so.”
Cllr Stephen Greenhalgh, Leader of London Borough of Hammersmith & Fulham, added:
“The submission of the planning application for Sir Terry Farrell’s Earls Court Masterplan is an important milestone. We have said all along that we will only include our land if there are proven benefits for people living on the estates first and foremost, then the wider area and then the Borough as a whole.
“I am of the view that a comprehensive development of the whole Opportunity Area is the best way to serve the interests of both estates residents and the Borough. We will continue to work closely with residents on the estates and we look forward to considering the planning applications before us.”
Gary Yardley, Director of EC Properties, said:
“Our proposals for Earls Court represent a multi-billion pound investment in London. It will deliver thousands of much-needed new homes and jobs, and create a remarkable new place. Our planning application follows two years of consultation and we are proud to submit a Masterplan which has been shaped by the community. It draws its inspiration from London, and specifically from the neighbouring areas of Kensington and Fulham.”
NOTES TO EDITORS
1. High resolution versions of the following images are available upon request and can be viewed at www.myearlscourt.com
· Map of the proposed
· CGIs of Seagrave Road proposals
2. For further information on the Masterplan, or the Seagrave Road scheme, factsheets are downloadable from www.myearlscourt.com
3. Definitions of technical terms:
London Plan – this is the high level strategic spatial development plan for London developed by the Mayor which sets the planning policy framework for the capital. The Mayor is in the process of producing a replacement version. An independent Panel recently examined the Mayor’s draft replacement London Plan and concluded that it provides a sound basis for planning in London. It is currently with the Secretary of State for consideration prior to adoption later this year.
Opportunity Area – this is an area allocated by the Mayor of London in the London Plan as representing a strategic development and regeneration opportunity for London.
Sir Terry Farrell Masterplan – this is the high level plan for the area which sets out a density of development, and proposed streetscape for an area. It has been developed by Sir Terry Farrell & Partners, one of the world’s leading firms of masterplanners, whose vision is based around the concept of creating ‘four villages and a high street’ in the Opportunity Area.
4. The Masterplan comprises 10.45m sq ft which together with the Seagrave Road proposals of 973,238 sq ft amount to 11.4 million sq ft of developable area. In addition to this the Masterplan includes 1.9 million sq ft of ancillary area including a new train stabling depot.
5. For further information, please contact:
Capital & Counties Properties PLC
Soumen Das, Finance Director
Tel: + 44 (0)20 3214 9183
Gary Yardley, Investment Director
Tel: + 44 (0) 20 3214 9188
For financial media enquires please contact:
Hudson Sandler (UK)
Michael Sandler/Wendy Baker
Tel: +44 (0) 20 7796 4133
College Hill (South Africa)
Tel: +27 11 447 3030
For general media enquiries please contact:
Chris Rumfitt, Edelman Tel: +44 (0) 7967 226646
About EC Properties Ltd:
EC Properties Ltd is one of the landowners of the Earls Court & West Kensington Opportunity Area (ECOA) as designated in the Mayor of London’s draft Replacement London Plan. The estate consists of the two international exhibition centres at Earls Court and one at Olympia. These are run by EC&O Venues, which also owns and operates the Brewery, a conference and events venue in the City. These sites represent a combined total of 1.7 million square feet of conference, events and banqueting space in London.
EC Properties is a wholly owned subsidiary of 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 3.3 million square feet of assets valued at £1.4 billion (31 December 2010) in three landmark London estates: Covent Garden, which has assets valued at £640 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 £481 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 £260 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.