CapCo reports good progress at Earls Court

15th Nov 2013 07:53

Capital & Counties Properties (Capco) has achieved two significant milestones at the Earls Court site, it announced Friday.The group has been granted formal outline planning consent following the signing of the Section 106 agreement between the London Borough of Hammersmith & Fulham (LBHF), the Royal Borough of Kensington and Chelsea, London Underground, Transport for London and Capco. The Section 106 agreement includes a series of community benefits which will be provided during the implementation of the Earls Court Masterplan.The company said it envisaged that the first detailed planning application, covering the Earls Court Village, will be submitted later this year. Secondly, the group exercised its option under the Conditional Land Sale Agreement (CLSA), which it entered into with LBHF in January 2013 in relation to LBHF's land within the redevelopment area. Under the terms of the CLSA, Capco can draw down land in phases, although no phase can be transferred unless replacement homes for the residents of the relevant phase have been provided.Capco has already paid £30m of the £105m cash consideration payable under the CLSA. Exercising the option commits Capco to the remaining payments of £75m, paid in five annual instalments of £15m starting on December 31st 2015. Gary Yardley, Investment Director of Capco, said: "[These] are positive steps forward and add further momentum to the Earls Court project. These milestones will allow us to work with the local authorities to take this exciting development forward and deliver the Earls Court Masterplan, which will create 7,500 much needed new homes and 12,000 jobs."NR