Hong Kong property titans join Earls Court revamp

Capital & Counties today signed up Hong Kong's billionaire Kwok family as it took another major step in its planned £8 billion overhaul of Earls Court.

The firm has been in talks for months to find a development partner to build luxury flats on the Seagrave Road site to the south of the main exhibition centre, currently a car park.

Capco sold a 50% share in Seagrave Road to the Kwoks', whose majority-owned Sun Hung Kai Properties is one of the biggest property companies on the Hong Kong Stock Exchange. The deal values the site at £131.2 million.

The company is seeking planning permission for some 800 flats worth £600 million in total, including mansion flats and luxury penthouses expected to fetch at least £1 million each as well as around 160 affordable flats.

Building work could begin straight after the Olympics if Capco's detailed application is submitted early next year.

Capco chief executive Ian Hawksworth said the Kwoks had been signed up for their experience in London and their status as one of Asia's biggest developers.

The firm submitted an masterplan for the Earls Court area, worked up by leading architect Sir Terry Farrell, in July.

Industrial property specialist Segro today splashed out £314.7 million on a portfolio of
14 warehouses with joint-venture partner Moorfield Real Estate Fund II. The properties generate rent of £21 million a year.