FTSE 250 property group Capital & Counties (Capco) is one step closer to implementing its 'Earls Court Masterplan', after receiving the approval of the Royal Borough of Kensington & Chelsea (RBKC).
"Capco welcomes the decision made last night by the council's planning committee to resolve to grant outline planning permission to turn the Earls Court and West Kensington Opportunity Area (ECOA) into a vibrant, new urban district," the company said in a statement on Wednesday morning.
This follows the approval in September by the London Borough of Hammersmith & Fulham (LHBF) for the redevelopment.
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The Section 106 agreement, which provides for significant investment in improvements in the area including transport, employment and training, is now being finalised with the local authorities. The Greater London Authority is expected to make a decision on the plan in the coming weeks, Capco said.
The so-called Earls Court Masterplan, led by chief architect Sir Terry Farrell, is based on the concept of "Four Urban Villages a 21st Century High Street" which includes garden squares, mansion blocks and open space.
The 10.1m square-foot development includes 7,500 new homes, offices, hotels, work space, education, cultural and community facilities, and a five-acre park. It is expected to create some 12,000 new jobs, Capco said.
"We are delighted that the Earls Court Masterplan has now been approved by both RBKC and LHBF," added Chief Executive Ian Hawksworth.
"The project has real momentum and we look forward to working with the local authorities to deliver Sir Terry's vision for a new urban quarter in this exciting part of London."
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