INDUSTRY NEWS

£8 billion Earls Court project moves one step closer

Planning approval has been granted for a significant eight billion pound redevelopment project of Earls Court.

The approval from the London borough of Kensington and Chelsea paves the way for a scheme that will see a host of new offices built, as well as further retail development and 7,500 homes.

The project will be a long term venture, with Capital & Counties investment director, Gary Yardley, telling council members that the project would take “15 to 20 years overall” and that the development, “is a critical site for London.”

It is all part of the grandiose regeneration plan from Sir Terry Farrell, that will see significant work carried out in two London boroughs, Kensington and Chelsea and Hammersmith & Fulham.

The full plan will see a 10.1 million square feet scheme developed, including a multitude of new London offices across the two bordering areas, as well as hotels and also a park. The proposals will also see the creation of around 12,000 new jobs.

Developers, Capital & Counties Properties Plc (CapCo) plan to build more than 10,00 square metres of office space in total.

CapCo chief executive, Ian Hawksworth, said: “We are delighted that the Earls Court masterplan has now been approved by both [the] Royal Borough Kensington and Chelsea and [the] London Borough of Hammersmith & Fulham.

“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.”

There still remains work to be done however as although the Section 106 agreement was approved in council, the two councils still need to carry out further negotiations.

It will then be up to The Greater London authority to give a final decision on stage two of the project.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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