Capital & 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").
The 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.
The 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.
In 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.
In addition, Capco has been informed that the application
for judicial review in respect of the Exclusivity
Agreement has been withdrawn.
Gary Yardley, Investment Director of Capco, commented:
"We are pleased that the SPD has been adopted by LBHF.
This augments the sound planning policy basis for the
consideration of the Masterplan planning application."
-ENDS-
Capital & Counties Properties PLC
Ian Hawksworth, Chief Executive
Gary Yardley, Investment Director
Soumen Das, Finance Director
Tel: + 44 (0) 20 3214 9188
For financial media enquires please contact:
Hudson Sandler (UK)
Michael Sandler/Wendy Baker
Tel: +44 (0) 20 7796 4133
College Hill (South Africa)
Nicholas Williams
Tel: +27 11 447 3030
For general media enquiries please contact:
Chris Rumfitt, Edelman
Tel: +44 (0) 7967 226646
Notes to Editors:
Statutory Blight occurs under certain provisions of the
Town and Country Planning Act 1990. A blight notice is a
notice in a prescribed form that a claimant serves
seeking to accelerate the compulsory purchase of their
property by claiming that he/she falls within one of the
specified categories in the Act.
About Capital & Counties Properties PLC (Capco):
CAPITAL & COUNTIES PROPERTIES PLC is one of the largest
companies that specialises in central London real estate
and is a constituent of the FTSE-250 Index. CAPITAL &
COUNTIES PROPERTIES PLC holds 3.3 million square feet of
assets valued at £1.6 billion (as at 31 December 2011) in
three landmark London estates: Covent Garden, which has
assets valued at £808 million, including the historic
Market Building; Earls Court & Olympia Group and 50% of
the Empress State building in Earls Court amounting to
aggregate property assets of £574 million; and the Great
Capital Partnership, a joint venture with Great Portland
Estates, which holds prime West End properties of which
Capco's share is £241 million. The company is listed on
the London Stock Exchange and the JSE, Johannesburg.
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