Nov. 21 (Bloomberg) -- Capital & Counties Properties Plc, part owner of London’s Covent Garden market, won approval from Kensington & Chelsea borough council for a plan to build a hotel, offices and more than 900 homes in the U.K. capital.
CapCo’s EC Properties unit plans to develop a 19-acre (7.7-hectare) site currently occupied by Earls Court Exhibition Centre as well as neighboring land in West London.
The development is part of a larger 8 billion-pound ($12.7 billion) project that was approved in September from the adjacent Hammersmith & Fulham borough. The project approved yesterday would create more than 10,000 square meters (108,000 square feet) of office space, a hotel with as many as 100 bedrooms as well as shops, pubs and restaurants.
“It will take 15 to 20 years overall to make this project happen,” Gary Yardley, investment director at Capital & Counties, told council members at a meeting yesterday. “This is a critical site for London.”
The 938,000 square meters of development includes 7,500 homes, schools and a five-acre park, Capital & Counties said in a statement today. The Kensington & Chelsea portion of the project may be built first, according to documents sent to council members.
Capital & Counties will pay about 450 million pounds toward local infrastructure in return for planning consent being granted, Yardley said in an interview after the meeting.
The conference-center business that Capital & Counties took over to carry out the plan, including a site at Olympia near Earls Court, had been on the brink of bankruptcy, Yardley told council members.
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