Capital & Counties, advised by Pinsent Masons, has completed the purchase of two council housing estates as part of its Earl's Court regeneration scheme after overcoming a legal challenge to the deal.
Mr Justice John Mitting, sitting in the Administrative Court, refused permission for the application for a Judicial Review from West Kensington Estate resident Harold Greatwood, who had challenged Hammersmith & Fulham Council's decision to enter into a Conditional Land Sale Agreement with EC Properties, a subsidiary of Capital & Counties.
Following the judge's decision, Capital & Counties has entered into a Conditional Land Sale Agreement with Hammersmith & Fulham Council for the purchase of the West Kensington and Gibbs Green estates for a total of £105 million (approx. 125 million) plus the re-provision of the 760 homes currently on the sites. The two estates, totaling approximately 22 acres, are central to Capital & Counties' Earl's Court regeneration scheme.
Partner Nic Berry led the Pinsent Masons team advising on the transaction, with support from Graham Lust.
Arthur Lovitt, partner and head of real estate at Pinsent Masons, said: "We have been delighted to be entrusted by Capco with this immense project. The London Boroughs of Hammersmith & Fulham and Kensington & Chelsea have decided to grant planning consent and now the agreement with the London Borough of Hammersmith & Fulham is in place as well. We look forward to the scheme progressing and development work starting."
Gary Yardley, investment director of Capital & Counties, added: "Pinsent Masons have been an integral part of the team delivering the Earls Court project. They have also been an integral part of our planning team. Their support and dedication has been critical to delivery of the scheme so far.
The Earl's Court master plan will see the delivery of 7,500 new homes for the opportunity area, alongside 12,000 new jobs.
Source: Capital & Counties