| Tue 20 Mar 2012, 9:00 | | CCO - Capital & Counties Properties Plc - Hammersmith & Fulham Council adopts |
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JSE CCO
CCO
CCO - Capital & Counties Properties Plc - Hammersmith & Fulham Council adopts
New Earls Court Planning Policy
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
20 March 2012
PRESS RELEASE
HAMMERSMITH & FULHAM COUNCIL ADOPTS NEW EARLS COURT PLANNING POLICY
Capital & Counties Properties PLC ("Capco") is pleased to note that the London
Borough of Hammersmith & Fulham ("LBHF") has adopted a new policy document,
known as the Supplementary Planning Document ("SPD"), covering the Earls Court &
West Kensington Opportunity Area ("ECOA").
The SPD supports the planning policy basis for the consideration of the planning
application for Sir Terry Farrell`s Earls Court Masterplan, which proposes a
7,500 home development across the ECOA. Following adoption of the SPD by LBHF,
it is understood that it will be considered by the Royal Borough of Kensington &
Chelsea shortly.
The site has already been identified as an Opportunity Area by the Mayor of
London in the London Plan, meaning it is considered as a site potentially
suitable for comprehensive development. Following adoption by LBHF, and if
adopted by RBKC, it is anticipated that the Mayor will publish the document as
Supplementary Planning Guidance.
In July 2011, an Exclusivity Agreement was signed by Capco and LBHF allowing a
12 month period for both parties to progress discussions in relation to LBHF
owned land within the ECOA. Capco has now agreed with LBHF to acquire any
private residential units on the West Kensington or Gibbs Green estates in the
unlikely event that LBHF is required to purchase these properties if an owner
brings forward a valid claim under certain provisions of the Town and Country
Planning Act 1990 which relate to Statutory Blight suffered as a result of the
adoption of the SPD, up to a maximum of GBP50 million including certain other
related costs. Capco can give notice to terminate the agreement if a land
purchase agreement is not entered into by the end of the exclusivity period in
July 2012. It is intended that costs incurred would be offset against the
consideration relating to any future land purchase agreement in respect of the
LBHF land.
In addition, Capco has been informed that the application for judicial review in
respect of the Exclusivity Agreement has been withdrawn.
Gary Yardley, Investment Director of Capco, commented:
"We are pleased that the SPD has been adopted by LBHF. This augments the sound
planning policy basis for the consideration of the Masterplan planning
application."
-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
Notes to Editors:
Statutory Blight occurs under certain provisions of the Town and Country
Planning Act 1990. A blight notice is a notice in a prescribed form that a
claimant serves seeking to accelerate the compulsory purchase of their property
by claiming that he/she falls within one of the specified categories in the Act.
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 3.3 million square feet of assets
valued at GBP1.6 billion (as at 31 December 2011) in three landmark London
estates: Covent Garden, which has assets valued at GBP808 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 GBP574
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 GBP241
million. The company is listed on the London Stock Exchange and the JSE,
Johannesburg.
Date: 20/03/2012 09:00:01 Produced by the JSE SENS Department.
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