4th Apr 2014 09:07
LONDON (Alliance News) - Capital & Counties Properties PLC Friday said that the Royal Borough of Kensington and Chelsea and London Borough of Hammersmith and Fulham have both approved the detailed design proposals for Earls Court Village, part of its planned redevelopment of the Earls Court area in London.
The re-development of Earls Court is currently one of the most high-profile property schemes in London. The scheme, which could take a decade or more to complete, involves the redevelopment of the Earls Court 1 & 2 exhibition centres, as well as a much broader area around the centres.
Last week, Capital & Counties said it has formed a joint venture with Transport for London that will allow the re-development of the Earls Court exhibition centres to go ahead.
The proposals for Earls Court Village cover 16 acres and provide for 2.4 million square feet of residential-led, mixed-use space including over 1,200 new homes, 3.35 acres of publicly accessible park and the first phase of a new High Street.
Capital & Counties also said that the London Borough of Hammersmith and Fulham had approved a detailed planning application for a change of use for the Empress State Building from commercial to residential. It said the building will now be added to the overall Earls Court masterplan.
The company wants to create 340 new homes over 580,000 square feet at the site, as well as improving the façade of the 1960s skyscraper that's next to the exhibition centres.
"The project has real momentum and this decision signals another major milestone in delivering the vision for Earls Court. As well as creating a vibrant new part of London, the plans will act as an enormous boost to the economy, creating thousands of new homes and jobs and signalling an GBP8 billion investment in the local area," Capital & Counties Investment Director Gary Yardly said in a statement.
Capital & Counties shares were up 0.8% at 349.4 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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