| Fri 17 Feb 2012, 9:17 | | CCO - Capital & Counties Properties PLC - Positive planning decision obtained |
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JSE CCO
CCO
CCO - Capital & Counties Properties PLC - Positive planning decision obtained
for redevelopment of Seagrave road car park
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
17 February 2012
PRESS RELEASE
POSITIVE PLANNING DECISION OBTAINED FOR REDEVELOPMENT OF SEAGRAVE ROAD CAR PARK
Plans to redevelop the Seagrave Road car park site in Earls Court into an
exciting new residential quarter containing more than 800 new homes have been
endorsed by Hammersmith & Fulham Council (LBHF).
Capital & Counties Properties PLC (Capco) welcomes the decision by the Council`s
planning committee to resolve to grant detailed planning permission for the
proposals, which will replace the existing car park with a high quality, mixed
use scheme comprising 808 new homes, ranging from townhouses to apartments
around a new public garden square.
The project includes 200 affordable homes that will be made available for the
relocation of some residents of the Gibbs Green and West Kensington Estates in
the event that regeneration of these estates occurs.
As announced in December, Capco has a conditional agreement with entities in
which certain members of the Kwok family are interested (the "Kwok Family
Interests") to form a 50:50 joint venture in respect of Capco`s interests in and
around Seagrave Road. Completion of the JV is expected upon expiry of the three
month statutory period which follows finalisation of the section 106 Agreement
and sign off from the Mayor of London.
Ian Hawksworth, Chief Executive of Capco said:
"We are delighted by the Council`s decision on Seagrave Road. It confirms our
long term view of the value which can be unlocked from Capco`s holdings in the
area through a residential-led scheme. The site is an exciting opportunity to
begin the transformation of the area, creating hundreds of new homes and jobs.
We look forward pursuing our plans for the project within the joint venture with
the Kwok Family Interests."
-ENDS-
Capital & Counties Properties PLC
Ian Hawksworth, Chief Executive Tel: + 44 (0) 20 3214 9188
Gary Yardley, Investment Director
Soumen Das, Finance Director
For financial media enquires please contact:
Hudson Sandler (UK) Tel: +44 (0) 20 7796 4133
Michael Sandler/Wendy Baker
College Hill (South Africa) Tel: +27 11 447 3030
Nicholas Williams
For general media enquiries please contact:
Chris Rumfitt, Edelman Tel: +44 (0) 7967 226646
Sponsor:
Merrill Lynch SA (Pty) Limited
About 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 3.2 million square feet of assets valued at GBP1.5 billion
(as at 30 June 2011) in three landmark London estates: Covent Garden, which has
assets valued at GBP780 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 GBP488 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 GBP240 million. The company is listed
on the London Stock Exchange and the JSE, Johannesburg.
About The Kwok Family Interests:
Interests of the Kwok family are major shareholders of Sun Hung Kai Properties
Limited ("SHKP"), one of the largest real estate companies listed on the Hong
Kong Stock Exchange. SHKP is widely recognised as a premium brand developer of
residential projects, offices, shopping centres and hotels. Among its renowned
developments are the International Finance Centre in Central, Hong Kong, the
International Commerce Centre which is presently the tallest building in Hong
Kong and the Shanghai IFC in Pudong, Shanghai.
Date: 17/02/2012 09:17:51 Produced by the JSE SENS Department.
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