The leader of Hammersmith and Fulham Council has branded the scheme to redevelop and regenerate the Earls Court area as “undeliverable” and, according to a report in the London Evening Standard, has called on the developer Capco to return housing estates to the council, claiming it is “the only viable way forward”.
LBHF leader Cllr. Stephen Cowan has said the latest masterplan from Capco did not provide sufficient affordable housing.
The West Kensington and Gibbs Green estates were part of a £110m sell off of land to Capco in 2012 by the council.
Capco has denied a claim by residents that it has tried to sell the estates to Saudi investors for £500m. The company says residents are being offered new homes.
Capco has admitted the council could take a new leading role on future plans for the estates, but warns that if no deal is reached it would press on with its original schedule.
Community activist Jonathan Cohen said of the latest situation: “Residents are fed up with being kicked around in this high-stakes game of property speculation. Capco wants to exit the scheme, but there’s no way anyone will buy it so long as our estates and campaign are part of the package. The beset way for them to de-risk the redevelopment is to hand back the estates.”
Capco has said it is disappointed with the council’s statement, and said in a statement of its own in reply: “The scheme is the only central London opportunity area of scale with the potential to deliver substantially more housing, and we continue to work with all stakeholders to bring forward the Earl’s Court masterplan.”
The Capco statement reiterated that the masterplan would provide 7,500 new homes, create 10,000 jobs and deliver £450m of community benefits.
