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Ben Parkinson
Ben Parkinson
  • 1 Minute Read
  • 17th September 2012

TfL confirms plan for Earls Court

Transport for London (TfL) has announced their intention to review plans for a 17 acre redevelopment in Earls Court, should negotiations with proposed partner Capital & Counties (Capco) fail to conclude.

 

The regeneration project forms part of a larger 77 acre plan for the Earls Court and West Kensington Opportunity Area, including the Olympia and Exhibition Centre sites, which is set to include 7,500 offices and homes across 10.1m sq ft.

 

Capco were given consent from Hammersmith & Fulham council to press ahead with the redevelopment – described by architect Sir Terry Farrell as ‘four urban villages and a 21st century high street’ – following negotiations on Wednesday.

 

Having worked together on the proposals for over five years, Capco had intended to bring forward construction by purchasing TfL’s 17 acre Lillie Bridge Depot for a reported £200m. Should Capco be successful, their plans to replace the existing depot with a new facility elsewhere could be realised.

 

In addition, Capco have set about renegotiating leases for Earls Court One and Two exhibition centres, which have been earmarked for demolition as part of the development. Capco are seeking a 999 year lease from current freehold owner TfL.

 

Graeme Craig, Director of Commercial Development at TfL, said: “TfL remains committed to the regeneration and early delivery of the Earls Court Opportunity Area. TfL continues to seek to reach an agreement with its leaseholder, Capco, in relation to its freehold interest in the land around the existing Earls Court 1 and 2, and hopes that these discussions can be concluded shortly.”

 

Capco followed with a statement declaring: “Capital & Counties and TfL have been working together to develop the master plan for Earls Court for the last five years. We look forward to concluding commercial discussions and realising this remarkable opportunity for London in the near future.”

 

The regeneration project is one of a number currently in the planning and implementation stages, with nearby Battersea Park, Stratford’s Olympic Park and London Bridge all receiving multi-billion pound investments. The works can be seen as a sign of increasing confidence in both the commercial and residential property markets in the capital, with Search Office Space set to work alongside business centre providers to ensure prime office capacity acts as a cornerstone in up-and-coming developments.