Joint Venture to develop £8bn Earl's Court scheme


Joint Venture to develop £8bn Earl's Court scheme


The joint venture known as the Earls Court Partnership, comprising of Capital & Counties Properties PLC (Capco) and Transport for London (Tfl), is responsible for the redevelopment of the Earls Court 1 & 2 exhibition centres.


TfL owns the land of Earls Court’s two exhibition centres, while Capco is the leaseholder of both sites.


Capco will act as a development manager with the task of realising Sir Terry Farrell’s masterplan for the 20- acre site on Earl’s Court, which is currently occupied by the exhibition centres.


According to the current plans, the redevelopment scheme involves in the construction of a new primary school, a new leisure centre, new health facilities as well as community and cultural spaces.


As a result of the scheme, 37 acres of green open space will be provided, including a new 5-acre park.


According to the developer, significant improvements will be made to the transport infrastructure including increased capacity at Earls Court, West Kensington and West Brompton underground stations.


The deal is part of the wider 77-acre scheme, which will create 7,500 new homes and 10,000 new jobs.


Gary Yardley, Investment Director of Capco, said: “We are delighted to finalise this agreement and look forward to working with TfL.


“The re-imagination of Earls Court is moving forward and presents a unique opportunity to establish a new address in central London.


“Together with our partners, we will bring 7,500 new homes, 10,000 new jobs to the area, and benefits not just for the local economy, but for London as a whole.”


Graeme Craig, Director of Commercial Development of TfL, added: “This is the first example of our new approach of retaining and investing in our assets across London, working in partnership with leading developers like Capco, which will deliver real long-term value for fare and taxpayers.”


Sir Robert McAlpine and Keltbray have been tasked to develop detailed strategies for demolition and construction works.


Photo Source: Building