Earls Court owner completes joint venture for £300m Seagrave Road development
posted on: 31/8/2012 10:12:05
Earls Court owner Capital and Counties (CapCo) is on track to commence stage one of the site’s redevelopment next year after completing a joint venture with the Kwok Family Interests.
The property developer has secured a cash injection of £67m from the Hong Kong-based real estate company for its 50 per cent share in the 7.5-acre Seagrave Road redevelopment, which is expected to cost £300m to build (excluding land). CapCo said the peak capital required would be limited to about £100m through a phased implementation of the project.
CapCo and the Kwok family signed a conditional agreement in December last year to convert the Seagrave Road car park site into 808 new homes and a garden square.
Seagrave Road represents the first component of a two-stage plan to transform the Earls Court Opportunity Area, a 77-acre site encompassing the Earls Court Exhibition Centres, along with the West Kensington and Gibbs Green residential estates.
The larger and more ambitious second-stage masterplan will go before a special planning applications committee set-up by Hammersmith and Fulham Council on 12 September, where they are expected to be approved. The plans then need to be signed off by the Royal Borough of Kensington and Chelsea at another planning meeting in late October.
“We are pleased to have completed our joint venture agreement in relation to the Seagrave Road project and look forward to starting onsite in 2013 to create this exciting new residential quarter for London,” CapCo chief executive Ian Hawksworth said.
Work on Seagrave Road is due to commence in 2013, but a detailed timeline have not yet been confirmed.