CAPITAL AND COUNTIES welcomed a cabinet report by Hammersmith and Fulham council yesterday that shows “good progress” is being made on talks to include the council’s land in the group’s £8bn Earls Court regeneration scheme.
Under the draft agreement, the developer will be allowed to buy the council’s 22 acres of land in the Earls Court and West Kensington Opportunity area for £105m in cash plus the re-provision of the 760 homes on housing estates there.
Capco, which signed a £15m exclusivity deal with the council last year, would initially buy the 11 Farm Lane and Gibbs Green School sites for £15m buy the rest of the council’s land in a series of installments totaling £75m.
Gary Yardley, investment director of Capco, said: “It shows good progress is being made in moving towards an agreement on the inclusion of the council’s land in the Earls Court development, which we have always believed would be of enormous benefit to London, the two Boroughs and the local community.”
The report, which has been published ahead of a cabinet meeting next week, brings Capco one step closer to realising one of London’s largest developments of the past 20 years that will see the huge 77-acre site – including the Earls Court Exhibition Centre – demolished and replaced with 7,500 new homes.
The first phase of development at Seagrave road, its joint venture with Hong Kong’s billionaire Kwok family, is due to kick-off after the Olympics.