Thumbs up for Capco at Earl’s Court and Ballymore in Nine Elms
Two major regeneration projects in London were approved by planning committees last night in a move which could prove significant boost to the capital’s contractors.
Hammersmith and Fulham council granted consent for 808 new homes in Earls Court proposed by developer Capital and Counties.
The new residential quarter at Seagrave Road car park – which forms part of a wider £8 billion regeneration project – will be made up of 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.
Capco’s proposal is backed by the Kwok family from Hong Kong, with the joint venture agreement due to be completed following the conclusion of section 106 agreements.
Capco chief executive Ian Hawksworth said ““We are delighted by the council’s decision on Seagrave Road. It confirms our long term view of the value which can be unlocked from Capco’s holdings in the area through a residential-led scheme.
“The site is an exciting opportunity to begin the transformation of the area, creating hundreds of new homes and jobs. We look forward pursuing our plans for the project within the joint venture with the Kwok family interests.“
Hammersmith and Fulham’s approval of the scheme came as councillors in neighbouring Wandsworth nodded through Ballymore’s plans for a 15 acre mixed use scheme in the Nine Elms regeneration zone.
The council gave the go-ahead for the creation of Embassy Gardens, a mixed use scheme consisting of 1,982 homes of which 298 will be affordable, up to 84,000 sq ft of retail space, 20,000 sq ft of restaurant space and a food store of 18,000 sq ft.
The nine building plots will reach up to 23 stories in height.
Wandsworth also approved the creation of a 100 bed hotel, health centre and leisure facilities.
The developer has agreed to pay just over £50 million to upgrade local transport as part of its section 106 agreement, the majority of which will be spent on the proposed Northern Line extension.
Wandsworth Council’s planning chairman Nick Cuff said: “Another fifteen acres of industrial land will now be transformed into new homes, offices, shops and green open space. The completed scheme will support thousands of new jobs and is an important piece of the Nine Elms jigsaw.
“The development comes with another major contribution to the Northern Line Extension which will cut journey times to the financial district to below 15 minutes.
“Through the scheme’s legal agreement we have ensured that Wandsworth residents directly benefit from the rising property values in Nine Elms. If prices increase, Ballymore will hand over up to £40mn of the super profit which will be used to provide more affordable homes for local people.”
Both the schemes were designed by Sir Terry Farrell.