Earlier in November it was revealed that Capital & Counties’ (CapCo) would start work on a new masterplan for their Earls Court development. An argument over the project had raged on for many years due to fears the project would see a loss of two housing estates with 760 homes. These have been eased somewhat with the announcement that the London Borough of Hammersmith and Fulham will seek to take control of these homes back.
The initial plan to redevelop Earls Court dates back to 2012. The original masterplan would have created 7,500 new homes, work space, hotels, community and education space, and a new park. This would have been one of the biggest investment properties Hammersmith and Fulham had ever seen. The local council initially granted permission for the £8 billion plan. This included demolition of the two housing estates.
The argument arose shortly after with no guarantees from the developer that the 760 homes lost would be replaced like-for-like. This meant that current residents would not automatically be re-homed and faced the potential of having to relocate from the area entirely. The project was subsequently regarded as a poor deal for residents.
The latest news is that CapCo will develop a new masterplan for the site. It is expected to be even larger than last time, including an additional 2,500 homes. It is hoped this would increase the number of properties available for each type of tenure. The local council would seek to remove the two housing estates from the project though, retaking control over them.
At Finefair we keep a close eye out for high profile projects such as the one in Earls Court. They have the power to transform an area but only if they progress smoothly and deliver the right housing and amenities. It will be interesting to see what changes are made to the masterplan and what impact it has on potential investors.
If you would like to discuss the wonderful investment properties Hammersmith and Fulham already has to offer please contact our team. We are knowledgeable and work hard to stay up to date in regards to market conditions and opportunities.