TfL and Capco to form joint venture to bring forward Earls Court redevelopment
Transport for London (TfL) and Capital & Counties Properties PLC ("Capco") are set to agree terms for a joint venture to bring forward the first phases of the Earls Court redevelopment.
TfL owns the freehold to the Earls Court 1 and 2 exhibition centres and Capco is the leaseholder of both sites. Such a plan could bring forward the £8bn Earls Court Masterplan. The agreement will enable the two organisations to establish a joint entity which will own new 999 year leases over the sites, as well as other land owned by Capco adjacent to the exhibition centres. The joint venture agreement is expected to be finalised and signed shortly and could bring forward the £8bn Earls Court Masterplan.
The demolition of Earls Court is expected to start next year, with building work phased over 15 years. The Masterplan received planning consent from the London Borough of Hammersmith & Fulham and the Royal Borough of Kensington & Chelsea last November.
The Save Earls Court Campaign is set to hold a press conference at the House of Commons today (7th February) and is expected to respond to Transport for London (TfL) claiming it had reached "final stages of the deal" to redevelop the venue site, following a board meeting. The press conference will feature a panel of speakers including Karim Halwagi, CEO of the Association of Event Organisers (AEO); Chair of the London Assembly, Darren Johnson AM; Murad Qureshi AM; Andy Slaughter MP; and Linda Wade, Chair of the Earl’s Court Area Action Group/Save Earl’s Court campaign.
Karim Halwagi commented: “Following the announcement by TfL on their joint venture agreement with Capital & Counties, we are once again hugely disappointed that the powers-that-be persist in ignoring key facts as to the huge value the Earls Court Exhibition Centre already delivers.
"The proposed redevelopment claims to offer benefits in the form of new jobs and more housing, but there will be no assisted housing on the site of the exhibition centres - only luxury apartments for investors - and regarding the proposed creation of 12,000 jobs, the exhibition centre currently supports 12,500 jobs across London, so it will only serve to diminish the jobs market.
"Now is the time for everyone - not just the exhibition and events industry - to get involved. The press conference is being held to add pace and reach to what is a growing level of awareness. We aim to spread the word about this disastrous proposal for residential redevelopment in London, whilst reiterating the enormous strength of the exhibitions and events industry, and its importance for economic contribution on a national scale.”