Earls Court site sold for £425m
Property development giant Capital & Counties (CAPCO) has completed its £425m sale of the former Earls Court Exhibition Centre site to investment firms APG and Delancey.
CAPCO says the sale of the West London development site, which had seen its value halve over the past four years, will provide it with an initial £156m cash boost followed by £211m over the next two years.
The Earls Court Exhibition Centre was razed by CAPCO in 2015 to make way for a new multipurpose development project.
The sale means the new owners now have the opportunity to bring a more democratic vision for the future of this iconic West London site, which has been mired in controversy.
The Earl’s Court Area Action Group, which has been vocal in its criticism of CAPCO, and is calling on APG and Delancey to bring forward a revised Earls Court Masterplan and submit a new planning application based on the needs of all local residents and the wider London community.
Linda Wade, chair of Earl’s Court Area Action Group’s Save Earl's Court campaign, said: “The Earls Court Masterplan is a dinosaur development. APG and Delancey can now scrap it and replace it with a plan which is socially inclusive, imaginative and which has widespread support.”
From June to November 2018, the Save Earl’s Court campaign undertook a community consultation with a view to restoring the site as an events venue. The results were sent to Mayor of London Sadiq Khan, who replied stating that should a new planning application be brought forward for the site, these suggestions would be taken into consideration on both a temporary and permanent basis.
The 55-acre site has been sitting empty since demolition, with CAPCO’s plans for high density residences never materialising.
The Save Earl’s Court campaign calls for a multi-purpose “world's greenest venue” to provide an Olympic legacy as well as cultural and trade events, in addition to low rise, high density, green and exemplary housing on the site and social infrastructure that reflects the needs of local residents.