PROPERTY developer Capital & Counties (Capco) moved a step closer to realising its £8bn Earls Court scheme after signing a conditional land sale agreement (CLSA) yesterday with Hammersmith & Fulham council.
The agreement gives Capco the go-ahead to use land – including the West Kensington and Gibbs Green estates – in the wider redevelopment of Earls Court.
Capco has the option to buy approximately 22 acres of land in the Earls Court & West Kensington Opportunity Area for £105m.
It also has to provide new homes for the estates’ 760 households.
Gary Yardley, chief investment officer at Capco said the agreement marks “another important step” for the group after the masterplan designed by Sir Terry Farrell was granted planning consent by both Kensington and Chelsea council and Hammersmith and Fulham council last year.
“We look forward to working with the local community and delivering the Earls Court Masterplan which will create 7,500 new homes and 12,000 new jobs in the area,” he said.
The CLSA was granted after a judge threw out a legal challenge by one of the Gibbs Green estate residents earlier this week.