Out-Law News 1 min. read
15 Nov 2013, 2:24 pm
The grant of planning permission follows the signing of a section 106 agreement by Capco, the two local authorities, London Underground Limited and Transport for London. At the same time Capco has exercised its option under a Conditional Land Sale Agreement with LBHF to draw down land from the 22-acre West Kensington and Gibbs Green estates site within the Masterplan area.
The Earls Court Masterplan, which stretches across the borders between LBHF and RBKC, sets out plans to provide 10.1 million square feet of development across the 77-acre site to including create four villages comprising 7,500 homes as well as a new high street.
Resolutions to grant permission to the scheme were given by LBHF in September last year and by RBKC in November last year. Mayor of London Boris Johnson gave his consent to the plans in July and the Secretary of State subsequently decided not to call in the scheme for his determination.
The completed section 106 agreement includes a range of community benefits to be provided throughout the implementation of the masterplan, including improvements to transport, new open green space and employment and skills training for the local community.
“The formal planning consent, the signing of the Section 106 agreement and the exercise of the Conditional Land Sale Agreement are positive steps forward and add further momentum to the Earls Court project," said Capco investment director Gary Yardley in a statement. "These milestones will allow us to work with the local authorities to take this exciting development forward and deliver the Earls Court Masterplan which will create 7,500 much needed new homes and 12,000 jobs,” he added.
Capco said it expects to submit its first detailed planning application for the scheme, which will cover 'Earls Court Village', later this year.