Kensington and Chelsea Borough Council has granted outline planning approval for the proposed £8 billion regeneration of Earls Court, opening the way for new offices, retail development and 7,500 homes.
Sir Terry Farrell’s regeneration plan straddles two London boroughs and received approval by neighbouring Hammersmith & Fulham in September.
The 10.1 million sq ft scheme will include offices, hotels, a five-acre park and education, cultural and community facilities. About 1,500 of the 7,500 new homes will be affordable.
The scheme is expected to create 12,000 jobs and is based on Mr Farrell’s masterplan entitled Four Urban Villages and a 21st Century High Street, inspired by London architecture and open space.
The section 106 agreement was approved in council last night and is set to lead to major investment in local transport, employment and training, subject to further negotiation with the two councils.
The Greater London authority is expected to give its decision on stage two of the masterplan in a few weeks.
Chief executive of the developer Capital and Counties (Capco) Ian Hawksworth said the project now has “real momentum” after receiving approval from both councils.
In February Hammersmith and Fulham granted consent for 808 new homes for development by Capco, as part of the wider Earls Court regeneration.
The new residential quarter at Seagrave Road car park will comprise townhouse and apartments around a new public garden square.
It will include 200 affordable homes which will be available to residents due to be relocated from Gibbs Green and West Kensington Estates under the wider regeneration plan.
The Earls Court scheme is among several pipeline residential projects in London valued at a combined £38bn over the next 10 years.
Floor area equivalent to the size of the Stratford Olympic Park is set to be developed in the next decade, with potential peak delivery expected in 2016/17, according to EC Harris.
The firm’s London Prime Residential Development Pipeline report shows 15,000 units are planned, with 125 schemes at some stage of acquisition, planning and construction.
A quarter of development is planned for the Chelsea & Fulham area, with 17 per cent due to be developed on the South Bank and 12 per cent in the City and Fringe.
Schemes totalling around 3,800 units are expected to come to market in 2016.
Fewer than 500 new-build prime units came to market during 2012, indicating that a massive capacity increase is needed to deliver the developments.