Delancey, on behalf of its client fund and APG on behalf of its pension fund clients, announces the completion of the acquisition of Capital & Counties Properties Plc interests in the Earls Court development site for £425 million. Transport for London’s interests in the project remain the same and it will work alongside the JV to deliver one of the most important mixed-use developments in London.
In parallel with the completion of the purchase, Delancey’s first action with Stephen Cowan, the Leader of the London Borough of Hammersmith & Fulham has been to terminate the Conditional Land Sale Agreement between Capco entities and LBHF and to return land to the Council which formed part of the previous Earls Court masterplan, including the West Kensington and Gibbs Green housing estates.
The Earls Court site comprises over 25 acres of land that formally housed the Earls Court Exhibition Centres. It sits within the boroughs of Hammersmith & Fulham and Kensington & Chelsea, and comprises London’s largest cleared Zone 1 development site. The site benefits from an existing detailed planning consent, secured a number of years ago as part of the wider Earls Court masterplan. Nevertheless, Delancey and TfL intend to formulate an entirely new London Plan compliant vision for the site, including the provision of more affordable homes than the existing consents, working in close collaboration with all interested parties and local stakeholders, to realise its huge potential on a basis that works for all.
The new ownership will lead the delivery of a new approach to this critically important London location that considers LBHF’s Industrial Strategy and is deserving of Earls Court and its local community. The intention is to build on the extensive site preparation and infrastructure work already completed, and start afresh with a dedicated Earls Court based specialist team.
Source : Delancey