CAPCO‚ LBHF sign conditional land sale agreement

Posted On Thursday, 24 January 2013 09:03 Published by Commercial Property News
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JSE-listed UK property group Capital & Counties Properties and the London Borough of Hammersmith & Fulham enter into a Conditional Land Sale Agreement.

JSE-listed UK property group Capital & Counties Properties PLC (Capco) and the London Borough of Hammersmith & Fulham (LBHF) have entered into a Conditional Land Sale Agreement that enables the inclusion of LBHF’s land holdings in the redevelopment of the Earls Court & West Kensington Opportunity Area under Sir Terry Farrell’s Masterplan.

The signing of the CLSA is the latest milestone in the on-going process to take the Earls Court Masterplan forward. This follows the recent resolution to grant planning consent for the Earls Court Masterplan by the Royal Borough of Kensington & Chelsea on 20 November 2012‚ along with LBHF’s decision to grant consent in September.

LBHF’s holdings in the ECOA include the West Kensington and Gibbs Green estates (the “Estates”). The CLSA provides Capco the option to acquire approximately 22 acres of land in the ECOA for a total cash consideration of GBP105 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. The CLSA is in line with the draft terms previously published by LBHF.

Gary Yardley‚ Investment Director of Capco‚ commented: “The Earls Court project now has great momentum. Following the resolutions to grant planning consent from RBKC and LBHF last year‚ we are pleased to have entered into the CLSA with LBHF marking another important step in the ongoing process to create Sir Terry Farrell’s vision for the Opportunity Area. "We look forward to working with the local community and delivering the Earls Court Masterplan which will create 7‚500 new homes and 12‚000 new jobs in the area.

Last modified on Thursday, 30 May 2013 14:53

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