Business
Significant Progress for Earls Court Masterplan
Significant Progress for Earls Court Masterplan.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 1016T Capital & Counties Properties Plc 15 November 2013 \n \n\n15 November 2013\n \nCAPITAL & COUNTIES PROPERTIES PLC\nSIGNIFICANT PROGRESS FOR EARLS COURT MASTERPLAN \nCapital & Counties Properties PLC is pleased to announce that two major milestones have been achieved in the process of value creation through planning and land assembly for the Earls Court Masterplan.\nFormal planning consent granted\nFormal outline planning consent for the Earls Court Masterplan has been granted following the signing of the Section 106 agreement between the London Borough of Hammersmith & Fulham (LBHF), the Royal Borough of Kensington and Chelsea, London Underground Limited (LUL), Transport for London (TfL) and Capco .\nThe Earls Court Masterplan covers an area of 77 acres and provides for 10.1 million square feet of new residential-led, mixed-use space. In July, the Mayor of London gave his consent to the redevelopment of Earls Court and the surrounding area. In August, the Secretary of State for Communities and Local Government chose not to call in the outline planning application.\nThe Section 106 agreement includes a series of community benefits which will be provided during the implementation of the Masterplan, including transportation improvements, new open green space and employment and skills training for the local community. \nIt is envisaged that the first detailed planning application, covering the Earls Court Village, will be submitted later this year.\nCapco exercises Conditional Land Sale Agreement\nCapco has exercised its option under the Conditional Land Sale Agreement (CLSA) which it entered into with LBHF in January 2013 in relation to LBHF's land within the redevelopment area. The CLSA was approved by the Secretary of State for the Department of Communities & Local Government in April and comprises approximately 22 acres including the West Kensington and Gibbs Green estates. Under the terms of the CLSA, Capco can draw down land in phases but no phase can be transferred unless replacement homes for the residents of the relevant phase have been provided.\nCapco has already paid £30 million of the £105 million cash consideration payable under the CLSA. Exercising the option commits Capco to the remaining payments of £75 million, paid in 5 annual instalments of £15 million st...