Earls Court to get £8 billion facelift

Earls Court to get £8 billion faceliftAn £8 billion regeneration scheme is set to take place in Earls Court, it has been announced.

Earlier this month, planning permission was granted to create new parks in the area, large public spaces, and two crescents.

Capital & Counties (Capco) announced the initial stage of the 10.1 million sq ft scheme had been approved following the signing of a Section 106 agreement.

The work will require the demolition of the famous exhibition centre in Warwick Road, while the project dubbed 'The Earls Court Masterplan' will spread across the borders of both the London borough of Hammersmith and Fulham (LBHF), as well as the royal borough of Kensington and Chelsea (RBKC). This will be used to create a new village settlement.

In addition, a 'lost river' park spanning five acres will run through the middle of the site. However, only three acres of the park will be open to the public.

Around 7,500 new homes will be built as part of the project, along with a high street promoting affordable living in the capital.

Gary Yardley, investment director of Capital & Counties Properties (Capco), said the development will have many economic benefits for residents living within the parameters of Earls Court.

He added: "The formal planning consent, the signing of the Section 106 agreement and the exercise of the conditional land sale agreement are positive steps forward and add further momentum to the Earls Court project.

"These milestones will allow us to work with the local authorities to take this exciting development forward and deliver the Earls Court Masterplan, which will create 7,500 much needed new homes and 12,000 jobs."

The scheme has a projected finish time of 15 years and will result in some residents from housing estates being relocated to other homes.

Capco added that it will inject £450 million into the building of other new facilities including  a primary school, a leisure centre, health facilities and 750 affordable homes.

Two crescents, garden squares and a new public space the size of Sloane Square are set to be included as part of the scheme.

Published 2nd December, 2013

© 2013 Estates IT Limited

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