Government consents to land transfer of West Kensington and Gibbs Green estates
Thursday April 18, 2013
The Government has consented to the land transfer of the West Kensington and Gibbs Green estates, which will allow them to be included in the regeneration of Earls Court.
The consent (under section 32 Housing Act 1985), outlined in a letter from the DCLG (Department for Communities & Local Government) to Hammersmith & Fulham Council (‘H&F’), allows the sale of the of estates by H&F to Capital & Counties Properties PLC (Capco) under the terms of the CLSA (Conditional Land Sale Agreement) previously announced which provides Capco with the ability to include the estates in the development.
Under the terms of the CLSA, all qualifying residents of the estates will be offered a new home within the development which in total will provide 7,500 new homes and 12,000 new jobs across a 77 acre development site.
The £8 billion scheme, based on a Masterplan by Sir Terry Farrell, is one of the biggest regeneration projects in London for decades and will provide a significant boost to the local and national economy.
Hammersmith & Fulham Council Leader Nicholas Botterill and Capco Investment Director Gary Yardley said: “This milestone is an important step forward in the regeneration of Earls Court. The plans will transform the area, delivering much-needed new homes and new jobs and creating a remarkable new place.
“We recognise that the decision to include the housing estates in the regeneration has aroused strong feelings. But we have always believed it will make lives better for estates residents, all of whom will be re-housed in the area if they wish to remain.
“With this decision by the Government, the detailed work to implement the regeneration can move forward. We look forward to engaging with all estates residents, irrespective of their views on the issue to date, to make sure the regeneration benefits everyone, offering them better homes and better opportunities.
“Following the approval of the CLSA, the Council and Capco will identify the phasing of the development. It is expected we could be in position to consult with residents on our initial detailed phasing proposals in the coming months.”
Notes for editors:
1. The CLSA provides Capco the option to acquire approximately 22 acres of land in the Earls Court Opportunity Area for £105 million plus the re-provision of the 760 homes currently on the Estates. All qualifying Estates residents will be offered a new home by LBHF within the redevelopment plus compensation. Security of tenure for social tenants will be maintained. The CLSA is in line with the draft terms previously published by LBHF.
2. Images of the proposed regeneration are available on request.
3. About Capital & Counties Properties PLC (Capco):
CAPITAL & COUNTIES PROPERTIES PLC is one of the largest listed companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.0 million square feet of assets valued at £1.6 billion (as at 30 June 2012) in three landmark London estates: Covent Garden, which has assets valued at £856 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 £620 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 £159 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.