Capco makes statement on Covent Garden and Earls Court

Posted by: Victor Pardis on 14th May 2013
In its interim management statement for the January to May, Capco highlighted the conclusion of eight new retailer and restaurant signings at Covent Garden. It said there had been continued movement on the Earls Court plans with Secretary of State approval for the Conditional Land Sale Agreement that will see the council transfer two housing estates into the regeneration scheme. It also reached agreement with Network Rail in regard to space over the West London Line surrounding Earls Court. Design amendments have been longed to enhance the first phase Lillie Square scheme. Ian Hawksworth, chief executive of Capital & Counties Properties, said, “Capco has had an active start to the year reflecting the positive conditions in the central London retail and residential property markets and the quality of the Group’s portfolio. We continue to see strong demand for new space at Covent Garden from retailers and restaurants with a number of new signings. The receipt of the Secretary of State’s approval for the land agreement with LBHF is another major milestone in establishing the Earls Court Masterplan.” 

In Covent Garden a potential new mixed-use development between Floral and King Street, known as Kings Carriage, is being progressed, planning to include retail and restaurant space, residential apartments and a north-south connection between Long Acre and King Street. Planning applications are currently being prepared and are expected to be submitted shortly. At Earls Court as part of the agreement reached in March with Network Rail, Capco has secured a new 999 year lease to replace the existing lease in respect of the Earls Court 2 site. Within the terms of the agreement, Capco can exercise options for a period of 50 years for further 999 year leases over the remainder of the West London Line to allow for development of the Lost River Park within the Earls Court Master plan The Earls Court operating business continues to perform in line with expectations, reflecting the uncertainty around the future of the Earls Court venue, Capco said. 

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