£8bn London project given green light

Plans to create an £8 billion office, retail and housing development in Earl’s Court are a step closer to becoming a reality. A proposal to regenerate the area with 7,500 new homes as well as offices, hotels, a five-acre park and community facilities has been given outline planning permission by the London borough of Kensington and Chelsea. The 10.1 million sq ft development, devised by Sir Terry Farrell, also involves land in Hammersmith and Fulham where planning officials gave it the green light two months ago. A fifth of the homes created in the scheme, which developers claim will create employment opportunities for 12,000 people, will be affordable. The proposal has been drawn up from Sir Terry’s vision of London architecture and open space known as ‘Four Urban Villages and a 21st Century High Street’. The plans include a section 106 agreement, which will see the developer, Capital and Counties (Capco), spend money on transport, employment and training in the area, although the details still need to be finalised with the two local authorities.

A decision on the second phase of the masterplan is expected by the Greater London Authority by the end of the year. Ian Hawksworth, chief executive of Capco said now both local authorities had granted the scheme outline planning permission it had gained “real momentum”. This project is one of a series of residential developments planned for the capital over the next decade, which together have a value of £38 billion. IBB has one of the largest real estate groups in West London and the South East, with expertise in commercial development, residential development, real estate finance, real estate investment and management, construction and real estate dispute resolution. Contact a member of the team by visiting the relevant service page, call us on 08456 381381 or email enquiries@ibblaw.co.uk.