London's Earls Court area is set for a major renovation project after Capco finalised plans to provide a substantial boost to the housing around one of the capital's well known suburbs.
The company was recently named by Consulting Magazine among the '2012 Best Firms to Work For' category during an awards ceremony. It was commended for its commitment to career development, achieving the 13th position out of 15 companies honoured and this Earls Court development is just the latest step in the restoring housing within the London area.
Officials from the company stated that the project is now on track to begin in 2013 and will cost around £300 million to complete, following a series of investments.
Capco revealed that developer Capital & Counties Properties Ltd has reached an agreement with its Hong Kong counterparts, the Kwok family, to redevelop the Earls Court area. The plans will see 800 new homes being built within the area, including 200 properties being offered to people living in the nearby estates that have been earmarked for regeneration. There will also be a number of multi-storey flats and town houses surrounding a public garden square at the Seagrave Road car park.
The new development will be within a stone's throw of the famous Earls Court Exhibition Centre which housed the volleyball events at the London 2012 Olympic Games in July and August. As part of the agreement, Capco received £67 million for its 50 per cent interest within the project.
Ian Hawksworth, chief executive of Capco, said: "We are pleased to have completed our joint venture agreement in relation to the Seagrave Road project and look forward to starting on site in 2013 to create this exciting new residential quarter for London."
Officials have noted that the initial development is part of a much wider regeneration scheme that will see £8 billion paid out to improve a 77-acre site around the Earls Court region making it a more appealing place to live for both people of the area as well as those looking to purchase property there.
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