News

Boost for Seagrave Road development plans

19/12/2011

Our plans for Seagrave Road car park received a boost today when Capco announced it is entering into a conditional 50:50 joint venture agreement with the entities in which certain members of the Kwok family are interested (the “Kwok Family Interests”), for the development of the site. The news is an important milestone in Capco’s proposals to create new homes and jobs for the area.

The agreement will only take effect if the Council approve the development of the Seagrave Road car park. The Council is expected to reach a decision in respect of the development of the Seagrave Road car park in the coming months. If approval is given, the earliest that development could begin on the Seagrave Road Site would be autumn 2012, as Earls Court is an Olympic venue.

The Seagrave Road site is currently the Earls Court Exhibition Centre’s car park and covers seven acres. The proposed scheme will deliver a high-quality, mixed tenure residential neighborhood comprising 808 new homes and a range of amenities. The site is set within the wider Earls Court & West Kensington Opportunity Area (ECOA) and forms part of Sir Terry Farrell’s masterplan vision for the area.

Interests of the Kwok family are major shareholders of Sun Hung Kai Properties Limited, one of the largest and highly reputable real estate companies listed on the Hong Kong Stock Exchange. Their decision to enter into a conditional joint venture with Capco is a vote of confidence not just in the development of the area, but in the London property market as a whole.