Sales of Apartments in Earls Court Already Worth £300 Million
Developer Capco says building and demolition plans "on track"
Earls Court developer Capco says it is "on track" with its plans for the demolition of Earls Court Exhibition Centre plus the construction of Lillie Square in Seagrave Road.
Capco has published a new trading update with a positive picture of the controversial redevelopment of the Earls Court area.
The update, for the period 1 January 2016 to 6 May 2016, says it is "driving value creation through planning, land assembly, land enablement and selective development".
Capco say demolition of the former Earls Court Exhibition Centres to ground level is on schedule to be completed in the second half of this year, while Phase 1 at Lillie Square is also on plan with the first apartments expected to be completed in the second half of 2016.
They say that phase 2 sales at Lillie Square continue, with nine units reserved or exchanged since a previous update on February 24.
Of the first release of 70 units for sale in Phase 2, 37 have been reserved or exchanged in total at values approximately 5% higher than comparable units in Phase 1.
Phase 1 meanwhile has sold out apart from " a few penthouses".
One bedroom apartments in the development are currently being sold for £800,000 and £900,000 and two bedrooms priced between £1,300,000 and £1,750,000.
Capco says £300 million of sales have been achieved to date across the Lillie Square scheme, being constructed on the site of a former lorry park.
Meanwhile, Capco says that with Earls Court Exibition Centre now closed, Olympia London has had an excellent start to 2016 with over 40 events held, including established shows such as the Ideal Home Show and The London Book Fair.
Ian Hawksworth, Chief Executive of Capco, says: " Demolition to ground level at Earls Court continues on plan with completion on track for the end of this year.
" Construction of Lillie Square is progressing well and the first homes will complete later in the year as we welcome our first residents. Sales of Phase 2 of Lillie Square have continued with a notable increase in enquiries since the start of the year."
Local opposition to the development however, remains strong with the Earls Court Action Group achieving a temporary reprieve for The Prince of Wales pub on Empress Place and surrounding buildings by having the pub, which closed last year, made an Asset of Community Value.
Capco, however seem undeterred and say they will be bringing forward plans for the site in due course.
May 13, 2016
