TfL, Capco join forces to redevelop London's Earls Court

Transport for London (TfL) and Capital & Counties Properties are joining forces to bring forward the first phases of the Earls Court Masterplan, a project aimed at creating 7,500 homes and 23 acres of green space.

TfL owns the freehold to the exhibition centres known as Earls Court 1 & 2, and Capco is the current leaseholder of both sites.

The joint entity, which will be 63% owned by Capco and 37% owned by Tfl, will own new 999-year leases over the sites, as well as other land owned by Capco adjacent to the exhibition centres. It will employ Capco as development manager.

The Earls Court Masterplan involves the regeneration of a substantial part of central London, creating 7,500 homes, cultural and community facilities as well as 23 acres of green space including the five acre Lost River Park.

The project received planning consent from the London Borough of Hammersmith & Fulham and the Royal Borough of Kensington & Chelsea in November 2013.

Graeme Craig, director of Commercial Development at TfL, said: 'The revenue generated from the development of Earls Court 1 and 2 will be reinvested back into the transport network to improve services for our customers.'