Positive Planning Decision for Seagrave Road

RNS Number : 6038X

Capital & Counties Properties Plc

17 February 2012

 



PRESS RELEASE

17 February 2012

POSITIVE PLANNING DECISION OBTAINED FOR REDEVELOPMENT OF

SEAGRAVE ROAD CAR PARK

Plans to redevelop the Seagrave Road car park site in Earls Court into an exciting new residential quarter containing more than 800 new homes have been endorsed by Hammersmith & Fulham Council (LBHF).

Capital & Counties Properties PLC (Capco) welcomes the decision by the Council's planning committee to resolve to grant detailed planning permission for the proposals, which will replace the existing car park with a high quality, mixed use scheme comprising 808 new homes, ranging from townhouses to apartments around a new public garden square.

The project includes 200 affordable homes that will be made available for the relocation of some residents of the Gibbs Green and West Kensington Estates in the event that regeneration of these estates occurs.

As announced in December, Capco has a conditional agreement with entities in which certain members of the Kwok family are interested (the "Kwok Family Interests") to form a 50:50 joint venture in respect of Capco's interests in and around Seagrave Road. Completion of the JV is expected upon expiry of the three month statutory period which follows finalisation of the section 106 Agreement and sign off from the Mayor of London.

Ian Hawksworth, Chief Executive of Capco said:

"We are delighted by the Council's decision on Seagrave Road. It confirms our long term view of the value which can be unlocked from Capco's holdings in the area through a residential-led scheme. The site is an exciting opportunity to begin the transformation of the area, creating hundreds of new homes and jobs. We look forward pursuing our plans for the project within the joint venture with the Kwok Family Interests."

-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]

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 3.2 million square feet of assets valued at £1.5 billion (as at 30 June 2011) in three landmark London estates: Covent Garden, which has assets valued at £780 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 £488 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 £240 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.  

About The Kwok Family Interests:

Interests of the Kwok family are major shareholders of Sun Hung Kai Properties Limited ("SHKP"), one of the largest real estate companies listed on the Hong Kong Stock Exchange. SHKP is widely recognised as a premium brand developer of residential projects, offices, shopping centres and hotels. Among its renowned developments are the International Finance Centre in Central, Hong Kong, the International Commerce Centre which is presently the tallest building in Hong Kong and the Shanghai IFC in Pudong, Shanghai.

 

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