Developer Capital & Counties Properties plans to turn a 7.5 acre car park site on Seagrave Road into a development of 808 new homes covering a million square feet.
The car park is currently used for the Earls Court Exhibition centre and as that is an Olympic venue work cannot start on the project before autumn 2012. Construction is expected to be divided into four phases over five years.
Capital & Counties has formed a 50:50 joint venture with one of Hong Kong’s biggest property tycoons to take the project forward, the Kwok family
Capital & Counties chief executive Ian Hawksworth said:"We are delighted by the Council's decision on Seagrave Road. It confirms our long term view of the value which can be unlocked from Capco's holdings in the area through a residential-led scheme. The site is an exciting opportunity to begin the transformation of the area, creating hundreds of new homes and jobs. We look forward pursuing our plans for the project within the joint venture with the Kwok family interests."
This is the second major development project approved by the council in as many weeks. Last week it approved outline plans for the redevelopment of Shepherds Bush Market by Orion Shepherds Bush Ltd. That scheme includes the construction of 212 apartments. Detailed plans are now being prepared. If approved, construction work is likely to start in summer 2013.
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