| Thu 14 Oct 2010, 8:15 | | CCO - Capital & Counties Properties PLC - Positive planning decision for Olympia |
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CCO
CCO - Capital & Counties Properties PLC - Positive planning decision for Olympia
redevelopment plans
Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with registration
Number 07145041 and registered in South Africa as an external company with
Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36
CAPITAL & COUNTIES PROPERTIES PLC
POSITIVE PLANNING DECISION FOR OLYMPIA REDEVELOPMENT PLANS
Capital & Counties Properties PLC (Capco), which owns EC&O Venues, is pleased to
announce that London Borough of Hammersmith & Fulham resolved to grant planning
consent for its redevelopment proposals for Olympia Exhibition and Conference
Centre on 13 October 2010.
The proposals to upgrade Olympia will improve the flexibility of the space which
will be capable of hosting a number of events simultaneously, whilst enhancing
one of the UK`s best known venues.
The plans include redevelopment of the West Hall, within its existing footprint,
into a two-storey 90,000 square feet exhibition facility by adding a floor and
creating links to the Grand Hall and Olympia 2 behind the restored facade.
Olympia 2 will be reconfigured to provide more efficient servicing arrangements
and improved connectivity with the rest of the facility.
Gary Yardley, Investment Director of Capco, commented:
"We are committed to ensuring that Olympia maintains its position as a world
class venue.
The approval for our redevelopment plans will provide us with the opportunity to
intensify operations at Olympia once the works are completed.
This project is part of our overall strategy to unlock latent value through the
delivery of our plans to regenerate our Earls Court & Olympia estate."
In addition, Nigel Nathan, Group Managing Director of EC&O Venues said:
"Our development plans aim to respect the fabric of the historic building whilst
also making the internal space easier to access and more flexible for organisers
to use.
Before we submitted our proposals we consulted widely with the community and
have been pleased with the response to our plans.
We believe the investment will bring in business, new jobs, and continued
prosperity for Hammersmith and Fulham, benefiting the whole of West London."
With planning permission in place, Capco is looking to commence construction
work on the site in early 2011, which is scheduled to continue during 2012. The
work will be phased to allow the exhibition and conference business already
operating at Olympia to continue throughout. The cost of these works were
included within the previously announced GBP20 million of capital allocated to
Olympia and will be funded from existing Capco cash resources.
ENDS
Enquiries:
Capital & Counties Properties PLC Tel: 020 7395 3763
Beverley Churchill, Marketing & Communications Director
Hudson Sandler (UK) Tel: 020 7796 4133
Michael Sandler/Wendy Baker
College Hill (South Africa) Tel: +27 11 447 3030
Nicholas Williams
14 October 2010
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Notes to editors:
About Capital & Counties Properties PLC (Capco)
CAPITAL & COUNTIES PROPERTIES PLC is one of the largest companies that
specialises in central London real estate and is a constituent of the FTSE-250
Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.5 million square feet of assets
valued at GBP1.3 billion (as at 30 June 2010) in three landmark London estates:
Covent Garden London, which has assets valued at GBP592 million, including the
historic Market Building; Earls Court & Olympia Group and 50% of the Empress
State building in Earls Court amounting to aggregate property assets of GBP443
million; and the Great Capital Partnership, a joint venture with Great Portland
Estates, which holds prime West End properties with a total market value of
GBP540 million (Capco share GBP270 million). The company demerged from Liberty
International PLC, now Capital Shopping Centres Group PLC, in May 2010, and is
listed on the London Stock Exchange and the JSE, Johannesburg.
About Olympia
The plans for Olympia include redeveloping the West Hall within its existing
footprint, behind the existing brick facade along Blythe Road which will be
restored, adding a floor and creating links to the Grand Hall and Olympia 2.
The Hall will be designed to be used in conjunction with other spaces or
independently and the design will be sympathetic to the spectacular fan window
of the Grand Hall. It will incorporate a visitor entrance on Blythe Road
bringing animation to the street frontage. The plans will also improve
pedestrian access around the building and provide opportunities to enhance the
public realm.
Built in 1886, Pillar Hall, along with the Grand Hall, is the oldest building on
the site but is currently under-utilised. Under the proposals this will be
brought back into beneficial use. The plans will improve access, making the
building Disability Discrimination Act (DDA) compliant. A restaurant on the
ground floor will mean more people will see the architecture and pillars which
give the building its name. These facilities will also add to the dining offer
for visitors to Olympia and provide an independent restaurant to the local
community, improving choice on the site and for the surrounding area. Above
this, a new mezzanine floor will provide office space. The proposals will
reanimate the building.
By using the majority of the ground floor of Olympia 2 for servicing and
delivery vehicles, rather than exhibition space, it will create a larger traffic
marshalling area within the site. This will bring vehicles into the building,
providing more efficient servicing arrangements. It will also ease traffic on
the surrounding roads.
The plans for Olympia were developed by architects Collado Collins.
Olympia is part of EC&O Venues a wholly owned subsidiary of Capco.
Date: 14/10/2010 08:15:31 Produced by the JSE SENS Department.
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