Capco completes on £250m sale of Earl’s Court landmark site

Capital & Counties Properties PLC (Capco) has announced that it has exchanged and completed on the sale of the Empress State Building (“ESB”) for a total cash consideration of £250 million.

ESB has been sold to The Mayor’s Office for Policing and Crime – the long-term occupier of the building under a lease due to expire in June 2019. The property is a 451,000 square foot ,31-storey, office building located in Earl’s Court.

This transaction means that the redevelopment of the Empress State Building into residential units which was approved by Hammersmith and Fulham planners as part of the Earl’s Court masterplan will probably not materialise.

The disposal will enable Capco to realise cash proceeds which will be used for general corporate purposes including investment in Capco’s central London estates as well as to take advantage of opportunities as they arise.

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UPDATED : UK property market performance

 

Land Registry data

January 2018 Av.price  Monthly change  12 Month change
 England  £242,286 -0.5% +4.6%
 London  £485,830  +1%  +2.1%
Royal Borough of Kensington and Chelsea  £1,380,000  +9.0%  -1.0%
 City of Westminster  £1,025,871  +0.2%  -1.4%
  • In London property prices have increased by 2.1% in the last year and have increased by 1% between December 2017 and January 2018.
  • The average property price in Merton is now £510,576 – representing an annual increase of 5.6%.
  • Redbridge was the London borough that recorded the highest annual price increase (5.9%) in January. The average property price in Redbridge is now £432,415.
  • In January 2018, the most expensive borough to live in was once again Kensington and Chelsea, where the cost of an average house was £1.4 million whilst cheapest borough was Barking and Dagenham, where an average house costs £293,000.

 

 

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South Kensington Tube station to be transformed

Transport for London (TfL) has chosen Native Land to develop South Kensington tube station and its surroundings as part of a major upgrade involving one of the busiest stations on the Tube network.

South Kensington Tube station, located in the Royal Borough of Kensington and Chelsea welcomes over 34 million District and Circle and Piccadilly line customers a year to London’s museum quarter. Upgrade work on South Kensington station will involve rebuilding a new District and Circle Line platform and expanding the ticket hall and gate to encourage quicker journeys.

Consultation with the local community will get underway this year, and subject to planning permission, the development could be finalised by 2022.

Improving the station and providing step-free access will support the delivery of the Mayor’s Transport Strategy, which aims to reduce reliance on car journeys, encourage greater use of public transport and make London more accessible for all Londoners.

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Capco sells 49 apartments in £66m Earl’s Court bulk deal

Capital & Counties (Capco) has exchanged contracts with an international investor for the £66m sale of 49 apartments and 31 parking spaces at its Lillie Square development.

All apartments in the 9 Lille Square block and parking spaces, have been sold to an unnamed “international investor”.

In an announcement Capco stated that on exchange of contracts a deposit of £6.6 million was received representing 10 per cent of the consideration, with a further staged payment of 10 per cent to be received in 12 months and the balance on completion.

Furthermore, the statement continues “pricing is in line with Phase 2 sales to date, at a modest premium to comparable units in Phase 1.

142 of the 186 units in Lillie Square Phase 2 have now been reserved or exchanged”.

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