CapCo Wins Approval for $12.9 Billion Development in West London

Capital & Counties Properties Plc (CAPC), part owner of London’s landmark Covent Garden market, won approval from Hammersmith & Fulham council for an 8 billion pound ($12.9 billion) development in London’s Earls Court and Olympia neighborhoods.

CapCo’s EC Properties unit will develop 57 acres (23 hectares) of the Earls Court and West Kensington Opportunity Area, which includes the Earls Court Exhibition Centre, the council said in a statement after a planning-committee meeting yesterday.

The project would create more than 6,700 homes, 84,701 square meters (911,714 square feet) of office space, a hospital and 32,256 square meters of stores, hotels and serviced apartments, according to a statement on Hammersmith & Fulham council’s website. London-based CapCo won approval from the council in February for its plan to turn a parking lot in the Earls Court neighborhood into 808 homes.

“The proposed scheme will offer a multi-billion-pound investment in both London and the local community, creating thousands of new homes and jobs,” CapCo Chief Executive Officer Ian Hawksworth said in a statement today.

The plan is also being assessed by the Royal Borough of Kensington & Chelsea.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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