Earlier in January Hammersmith and Fulham Council rejected Capco’s new masterplan for two estates in the Borough. The authority decided they could not agree with the developer’s proposals to increase density. They also did not approve of the amount of affordable housing provided in the plan.
The two estates facing demolition and redevelopment were West Kensington and Gibbs Green. The plan was initially approved in 2012 but there have been a number of stumbling blocks since then. A strong local campaign was built that wanted to save the estates. Fluctuations in the luxury property market have also caused issues, reducing the potential value of the project.
The local Council has called for Capco to return the two estates to their control. They claim this is the only viable way to reduce risk in the project and get the best deal for residents. This would also alleviate the risk of the developer selling the sites on to another company.
Capco responded to the announcement saying they were still in consultation with the local authority (LBHF). This means they will continue to work on the development proposals for the huge 31 hectare site. To date the developer has paid £75million for the estates. Two additional payments of £15million are due within the next two years. The first is at the end of 2018 and the second at the same time in 2019.
Hammersmith and Fulham is a popular area with a great mix of different housing and some fantastic amenities. As a result it is a good location for all kinds of buyers, including investors. At Finefair we cater for this, offering a selection of services to ensure we can meet a variety of needs. For example we can arrange private lettings or work with the local authority to arrange leasing.
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