| Wed 22 Jun 2011, 8:00 | | CCO - Capital & Counties Properties PLC - Earls Court planning applications |
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JSE CCO
CCO
CCO - Capital & Counties Properties PLC - Earls Court planning applications
submitted Multi-Billion Pound development to create thousands of New Homes and
jobs
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
PRESS RELEASE
Wednesday 22 June 2011
EARLS COURT PLANNING APPLICATIONS SUBMITTED MULTI-BILLION POUND DEVELOPMENT TO
CREATE THOUSANDS OF NEW HOMES AND JOBS
EC Properties Ltd ("EC Properties"), a wholly-owned subsidiary of Capital &
Counties Properties PLC ("Capco"), is pleased to announce that it will today
submit planning applications for the Earls Court & West Kensington Opportunity
Area. The planning applications include outline applications for the 77 acre Sir
Terry Farrell Masterplan, plus a detailed application for the 7.5 acre Seagrave
Road car park site.
The scheme will represent a multi-billion pound investment in London, and the
project has a total estimated value of GBP8 billion. More than 7,500 new homes
and 12,000 new jobs will be created by the Masterplan which together with
Seagrave Road involves 11.4 million square feet of development (see notes to
editors for details). In addition to the new homes, the Masterplan includes
offices, leisure, hotel and retail space, as well as a new primary school,
library, an integrated health centre and 23.5 acres of public open space
including the 5 acre `Lost River Park`.
The application for the Seagrave Road site replaces the existing 7.5 acre car
park with a scheme comprising 808 new homes ranging from townhouses to
apartments, and centred around a 90 metre long garden square.
At present the Opportunity Area, which is identified in the Mayor`s London Plan,
principally includes the Earls Court Exhibition Centres, owned by EC Properties;
railway lands, largely owned by Transport for London ("TfL"); and the West
Kensington and Gibbs Green housing estates, owned by the London Borough of
Hammersmith & Fulham ("LBHF"). The Masterplan has been developed by EC
Properties on behalf of the three landowners.
Once verified, the applications will be considered by the LBHF (for both the
Masterplan and the Seagrave Road plans) and the Royal Borough of Kensington &
Chelsea (RBKC) (for the Masterplan only).
Update on commercial agreements on land assembly
Good progress is being made on a land agreement between LBHF and EC Properties
which, if approved by the relevant parties, could pave the way for residents on
the council-owned estates to be included in the development and receive new
modern homes in the same area as they are already living.
The Leader of the Council has stated today that he is convinced that a
comprehensive approach to the Opportunity Area, including all of the three main
landholdings, represents the best way forward. Secure tenants, leaseholders and
freeholders on the estates have negotiated a set of legally-binding guarantees
for new homes with the Council should planning permission for redevelopment be
granted, which would be reflected in any agreement between EC Properties and
LBHF.
Discussions between EC Properties and Transport for London to agree a renewed
lease for Earls Court, and for a commercial agreement over the inclusion of
their respective landholding in the development, are also progressing well.
Further announcements will be made as appropriate.
Sir Terry Farrell, Founder of Terry Farrell & Partners, said:
"We have developed a Masterplan that draws inspiration from the surrounding
communities to create `Four Villages and a 21st Century High Street` which will
bring new homes, health & education facilities, as well as remarkable new open
space to London."
Anthony Bickmore, Head of Corporate Finance Property Development, Transport for
London, said:
"The plans for Earls Court represent a fantastic opportunity for Transport for
London, both to play its part in the revitalisation of a part of London, and
also to utilise its landholding to generate investment in the transport network.
Getting to this stage has involved working closely with Capco and Hammersmith &
Fulham Council and we will continue to do so."
Cllr Stephen Greenhalgh, Leader of London Borough of Hammersmith & Fulham,
added:
"The submission of the planning application for Sir Terry Farrell`s Earls Court
Masterplan is an important milestone. We have said all along that we will only
include our land if there are proven benefits for people living on the estates
first and foremost, then the wider area and then the Borough as a whole.
"I am of the view that a comprehensive development of the whole Opportunity Area
is the best way to serve the interests of both estates residents and the
Borough. We will continue to work closely with residents on the estates and we
look forward to considering the planning applications before us."
Gary Yardley, Director of EC Properties, said:
"Our proposals for Earls Court represent a multi-billion pound investment in
London. It will deliver thousands of much-needed new homes and jobs, and create
a remarkable new place. Our planning application follows two years of
consultation and we are proud to submit a Masterplan which has been shaped by
the community. It draws its inspiration from London, and specifically from the
neighbouring areas of Kensington and Fulham."
NOTES TO EDITORS
1 High resolution versions of the following images are available upon request
and can be viewed at www.myearlscourt.com
* Map of the proposed Masterplan
* CGIs of Seagrave Road proposals
2 For further information on the Masterplan, or the Seagrave Road scheme,
factsheets are downloadable from www.myearlscourt.com
3 Definitions of technical terms:
London Plan - this is the high level strategic spatial development plan for
London developed by the Mayor which sets the planning policy framework for
the capital. The Mayor is in the process of producing a replacement
version. An independent Panel recently examined the Mayor`s draft
replacement London Plan and concluded that it provides a sound basis for
planning in London. It is currently with the Secretary of State for
consideration prior to adoption later this year.
Opportunity Area - this is an area allocated by the Mayor of London in the
London Plan as representing a strategic development and regeneration
opportunity for London.
Sir Terry Farrell Masterplan - this is the high level plan for the area
which sets out a density of development, and proposed streetscape for an
area. It has been developed by Sir Terry Farrell & Partners, one of the
world`s leading firms of masterplanners, whose vision is based around the
concept of creating `four villages and a high street` in the Opportunity
Area.
4 The Masterplan comprises 10.45m sq ft which together with the Seagrave Road
proposals of 973,238 sq ft amount to 11.4 million sq ft of developable
area. In addition to this the Masterplan includes 1.9 million sq ft of
ancillary area including a new train stabling depot.
5 For further information, please contact:
Capital & Counties Properties PLC
Soumen Das, Finance Director Tel: + 44 (0)20 3214 9183
Gary Yardley, Investment Director Tel: + 44 (0) 20 3214 9188
For financial media enquires please contact:
Hudson Sandler (UK) Tel: +44 (0) 20 7796 4133
Michael Sandler/Wendy Baker
College Hill (South Tel: +27 11 447 3030
Africa)Nicholas Williams
For general media enquiries please contact:
Chris Rumfitt, Edelman Tel: +44 (0) 79 6722 6646
Sponsor:
Merrill Lynch SA (Pty) Limited
About EC Properties Ltd:
EC Properties Ltd is one of the landowners of the Earls Court & West Kensington
Opportunity Area (ECOA) as designated in the Mayor of London`s draft Replacement
London Plan. The estate consists of the two international exhibition centres at
Earls Court and one at Olympia. These are run by EC&O Venues, which also owns
and operates the Brewery, a conference and events venue in the City. These sites
represent a combined total of 1.7 million square feet of conference, events and
banqueting space in London.
EC Properties is a wholly owned subsidiary of Capital & Counties Properties PLC
("Capco").
CAPCO is one of the largest investment and development property companies that
specialises in central London real estate and is a constituent of the FTSE-250
Index. CAPCO holds 3.3 million square feet of assets valued at GBP1.4 billion
(31 December 2010) in three landmark London estates: Covent Garden, which has
assets valued at GBP640 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 GBP481 million; and the Great Capital
Partnership, a joint venture with Great Portland Estates, which holds prime West
End properties of which Capco`s share is GBP260 million. The company is listed
on the London Stock Exchange and the JSE, Johannesburg.
Date: 22/06/2011 08:00:17 Produced by the JSE SENS Department.
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