Resolution to grant consent for EC Masterplan-LBHF

RNS Number : 1495M

Capital & Counties Properties Plc

13 September 2012

 



13 September 2012

CAPITAL & COUNTIES PROPERTIES PLC

RESOLUTION TO GRANT CONSENT OBTAINED FOR EARLS COURT MASTERPLAN FROM LBHF

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 12,000 new jobs have been approved by the London Borough of Hammersmith & Fulham (LBHF).

Capital & Counties Properties PLC (Capco) welcomes the decision 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.

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 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 pleased by the Council's decision to pass the resolution to grant outline planning consent for the Earls Court Masterplan. The proposed scheme will offer a multi-billion pound investment in both London and the local community creating thousands of new homes and jobs."

The Earls Court & West Kensington Opportunity Area stretches across two boroughs, LBHF and the Royal Borough of Kensington & Chelsea (RBKC). A decision on the outline planning application from RBKC is expected in the coming months. Planning consent for the Seagrave Road site was granted in February by LBHF and will create 808 new homes, 200 of which will be affordable, as well as a new garden square for London.

-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 3.0 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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