Falling value of the former Earls Court Exhibition Centres site

Meeting: 
MQT on 2019-06-20
Session date: 
June 20, 2019
Reference: 
2019/12029
Question By: 
Caroline Russell
Organisation: 
City Hall Greens
Asked Of: 
The Mayor

Question

It was reported in the Evening Standard on 31 May 2019 that a further £49 million has been lost on the value of the site where the former Earls Court Exhibition Centres once stood and which is owned by the joint venture between Transport for London (TfL) and Capital and Counties Properties PLC.

Do you have an exit strategy from this joint venture and the failing Earls Court Masterplan?

Answer

Falling value of the former Earls Court Exhibition Centres site

Falling value of the former Earls Court Exhibition Centres site

Answered By: 
The Mayor

As part its year-end activity, Transport for London (TfL) commissioned property agents JLL to undertake an updated valuation of the property interests at Earls Court as of the end of March 2019. This showed a 10.5 per cent reduction from the previous valuation at the end of December 2018 as a result of a number of adjustments. It has been widely reported that Capco is seeking to dispose of its interest in Earls Court, and TfL is in ongoing discussions about progressing the delivery of housing. In any event, I have been clear that I want many more affordable homes at the site and for the West Kensington and Gibbs Green estates to be returned to the London borough of Hammersmith & Fulham.