A Far Eastern family behind some of the world's tallest buildings will play a significant role in the proposed Earl's Court redevelopment after buying a 50 per cent stake in the scheme.
The Hong Kong-based Kwok family paid developers Capco £131.2m as part of a joint venture to build more than 800 new homes and shops on the site of a car park in Seagrave Road. The plans are part of the wider Earl's Court and West Kensington Opportunity Area which could see the exhibition centre demolished and scores of homes on the West Kensington and Gibbs Green Estates bulldozed to create four new 'villages'.
The Kwok Family are major shareholders in one of the largest real estate firms on the Hong Kong Stock Exchange, Sun Hung Kai Properties, which built both the International Finance Centre and the International Commerce Centre, the tallest building in Hong Kong.
Ian Hawksworth, chief executive of Capco said: “We are delighted to have attracted such an experienced development partner whose investment represents a major vote of confidence in the London property market in general, and in this scheme in particular.
"This joint venture will enable us to participate in the next stage of the Seagrave Road scheme which will begin the transformation of the area, creating hundreds of new homes and jobs.”
The Seagrave Road site and adjacent assets were valued at £116.2m earlier this year. Capco and Hammersmith and Fulham Council face a battle from residents to stop the wider Earl's Court project, with many determined not to be forced from their homes.
The council has promised everyone moved will be relocated to new properties in the area, including some of the 200 affordable new homes being built in Seagrave Road.
But campaigners want ownership of the land transferred to a resident-led management organisation so they can block part of the project from going ahead.
Last month, grandfather and estate resident Harold Greatwood, 66, launched a judicial review challenging an exclusivity agreement made between the council and Capital and Counties Properties PLC (Capco) in July, which would allow the developer a year to negotiate a land contract.
Capco have drawn up plans to create around 7,500 homes and a new 21st century high street where the Earl's Court Exhibition Centre currently stands.
