Earls Court developer posts half year profit

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The developer behind plans to build over 7,500 homes in Earls Court in west London has returned to profit after posting substantial losses for 2016, primarily due to property revaluations.

Capital & Counties (Capco) has posted a £25.3m pre-tax profit for the six months ended 30 June 2017, up from a pre-tax loss of £198.2m for the same period last year, while revenue edged up to £43.7m from £40.5m.

At the end of last year, the developer had said it wanted to increase the number of homes at the Earls Court site by 2,500 to 10,000 and had presented proposals to the Greater London Authority as part of the consultation for the revised London Plan.

In its latest half year results it said it had outlined to the GLA the Earls Court masterplan’s ability to deliver “a minimum of 10,000 new homes”.

Ian Hawksworth, Capco’s chief executive, said the firm was continuing to “progess plans for the enhanced masterplan to maximise the potential of this strategic land holding”.

The firm added that it expected to submit a planning application for 400 new homes at Empress Place, next door to the former Earls Court Exhibition Centre, shortly.

Elsewhere at the scheme, Capco received detailed planning approval at the beginning of the year for the KPF-designed Exhibition Square mixed-use scheme adjacent to Earls Court Underground station. It will include a hotel and office space as well as a new entrance for the Tube station.

It added a decision on the main contractor for second phase of a housing scheme next door to the Earls Court masterplan, called Lillie Square, will be made later this year. Sir Robert McAlpine is carrying out work on the first phase.