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Capital & Counties rises on applications news

Posted On Thursday, 23 June 2011 02:00 Published by
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Capital & Counties gained 1% to close at R20,45 on the JSE after its planning applications for its Earls Court and West Kensington Opportunity Area project were submitted.

By Thabang Mokopanele

CAPITAL & Counties, the UK- focused property group spun off from Liberty International, gained 1% to close at R20,45 on the JSE after saying its planning applications for its Earls Court and West Kensington Opportunity Area project were submitted yesterday.

The applications were submitted by Capital & Counties’ wholly owned subsidiary EC Properties. Earls Court & West Kensington Opportunity Area is "as a multibillion-pound investment opportunity in the centre of London".

EC Properties director Gary Yardley said the project had a total estimated value of £8bn.

The planning applications included outline applications for the 31ha Sir Terry Farrell master plan, plus a detailed application for the 3ha Seagrave Road car-park site.

The plan includes more than 7500 new homes and 12000 new jobs are expected to be created which together with Seagrave Road involves 10,5-million square metres of development.

In addition to the new homes, the master plan includes offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 9,5ha of public open space including the 2ha "Lost River Park".

Mr Yardley said the application for the Seagrave Road site replaced the existing 3ha car park with a scheme of 808 new homes ranging from townhouses to apartments, and centred on a 90m-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; and the West Kensington and Gibbs Green housing estates, owned by the London Borough of Hammersmith and Fulham," he said.

Mr Yardley said progress was being made on a land agreement between the borough 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 stated today (Wednesday) that he is convinced that a comprehensive approach to the opportunity area, including all of the three main landholdings, represents the best way forward," Mr Yardley said.

The founder of Terry Farrell & Partners, Sir Terry Farrell, said: "We have developed a master plan that draws inspiration from the surrounding communities to create ‘Four Villages and a 21st Century High Street’ which will bring new homes, health and education facilities, as well as remarkable new open space to London."

Source: Business Day

Publisher: I-Net Bridge
Source: I-Net Bridge
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