Business
H&F Council Adopts New Earls Court SPD
H&F Council Adopts New Earls Court SPD.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 6536Z Capital & Counties Properties Plc 20 March 2012 \n \n\nPRESS RELEASE\n \n20 March 2012\n \nHAMMERSMITH & FULHAM COUNCIL ADOPTS NEW EARLS COURT PLANNING POLICY \n \nCapital & Counties Properties PLC (\"Capco\") is pleased to note that the London Borough of Hammersmith & Fulham (\"LBHF\") has adopted a new policy document, known as the Supplementary Planning Document (\"SPD\"), covering the Earls Court & West Kensington Opportunity Area (\"ECOA\").\nThe SPD supports the planning policy basis for the consideration of the planning application for Sir Terry Farrell's Earls Court Masterplan, which proposes a 7,500 home development across the ECOA. Following adoption of the SPD by LBHF, it is understood that it will be considered by the Royal Borough of Kensington & Chelsea shortly. \nThe site has already been identified as an Opportunity Area by the Mayor of London in the London Plan, meaning it is considered as a site potentially suitable for comprehensive development. Following adoption by LBHF, and if adopted by RBKC, it is anticipated that the Mayor will publish the document as Supplementary Planning Guidance.\nIn July 2011, an Exclusivity Agreement was signed by Capco and LBHF allowing a 12 month period for both parties to progress discussions in relation to LBHF owned land within the ECOA. Capco has now agreed with LBHF to acquire any private residential units on the West Kensington or Gibbs Green estates in the unlikely event that LBHF is required to purchase these properties if an owner brings forward a valid claim under certain provisions of the Town and Country Planning Act 1990 which relate to Statutory Blight suffered as a result of the adoption of the SPD, up to a maximum of £50 million including certain other related costs. Capco can give notice to terminate the agreement if a land purchase agreement is not entered into by the end of the exclusivity period in July 2012. It is intended that costs incurred would be offset against the consideration relating to any future land purchase agreement in respect of the LBHF land.\nIn addition, Capco has been informed that the application for judicial review in respect of the Exclusivity Agreement has been withdrawn.\nGary Yardley, Investment Director of Capco, commented:\n \n\"We are pleased that the SP...