CAPITAL & Counties (Capco) yesterday cleared another hurdle after its £8bn regeneration plans at Earls Court were approved by Kensington and Chelsea council.
The Sir Terry Farrell-designed scheme will see the Earls Court Exhibition Centre and several housing estates demolished and replaced with 7,500 new homes creating a “new London district”, according to the developers.
The masterplan has now won approval from both Fulham and Hammersmith as well as Kensington and Chelsea council. But the property developers still have a number of challenges to go, including ongoing talks with fellow landowner Transport for London over its lease on parts of the 77-acre site owned by TfL.
Capco said Section 106 — its community obligations —is being finalised with the local authorities while London Mayor Boris Johnson is expected to sign off on the masterplan “in the coming weeks”.
Ian Hawksworth, chief executive of Capco, said: “We are delighted that the Earls Court Masterplan has now been approved by both [councils]... The project has real momentum and we look forward to working with the local authorities to deliver Sir Terry’s vision for a new urban quarter in this exciting part of London.”
Shares rose 1.5 per cent to 234.7p yesterday.