Out-Law News | 28 Mar 2014 | 12:44 pm | 1 min. read
The joint venture, Earls Court Partnership, has been formed with Capco owning 63% and TfL owning 37% and a board of directors comprising four Capco representatives and three TfL representatives. Capco will take the role as business and development manager on the scheme.
TfL owns the freehold to the Earls Court exhibition centres and Capco is the leaseholder of the sites.
The full Earls Court masterplan includes the construction of 7,500 homes, a school, a leisure centre, health facilities and community and cultural spaces. It was granted planning permission by the London Borough of Hammersmith and Fulham and the Royal Borough of Kensington and Chelsea in November.
"We are delighted to finalise this agreement and look forward to working with TfL," said Capco investment director Gary Yardley in a statement. "The re-imagination of Earls Court is moving forward and presents a unique opportunity to establish a new address in central London. Together with our partners, we will bring 7,500 new homes, 10,000 new jobs to the area, and benefits not just for the local economy, but for London as a whole,” Yardley said.
“This is another great step forward in the development of the Earls Court Masterplan which will create much needed homes and jobs for London whilst generating substantial revenues for us to reinvest back into the transport network," said TfL director of commercial development Graeme Craig.
“This is the first example of our new approach of retaining and investing in our assets across London, working in partnership with leading developers like Capco, which will deliver real long-term value for fare and taxpayers,” he added.