CAPITAL & COUNTIES PROPERTIES PLC - Positive Planning Decisions Obtained for Earls Court Village and Empress State Building

Positive Planning Decisions Obtained for Earls Court Village and Empress State Building

Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with
registration Number 07145041 and registered in South Africa as an external
company with Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36

4 April 2014
                    Capital & Counties Properties PLC

 POSITIVE PLANNING DECISIONS OBTAINED FOR EARLS COURT VILLAGE AND EMPRESS
                              STATE BUILDING

Capital & Counties Properties PLC (“Capco”) welcomes the decisions this
week from the planning committees of the Royal Borough of Kensington and
Chelsea (“RBKC”) and London Borough of Hammersmith and Fulham (“LBHF”) to
approve Capco’s Reserved Matters Applications which include the detailed
design proposals for Earls Court Village. This follows receipt of outline
planning permission for the 10.1 million square feet Earls Court
Masterplan from both boroughs in November 2013.

The proposals for this part of the Masterplan, which now have detailed
consent, cover an area of 16 acres and provide for 2.4 million square feet
of residential-led, mixed-use space. This will include over 1,200 new
homes, 3.35 acres of publicly accessible park and the first phase of the
new High Street.

In addition, a separate detailed planning application for a change of use
for the Empress State Building from commercial to residential was also
consented by LBHF on 3 April. The Empress State Building will now be
integrated into the Earls Court Masterplan, adding 580,000 square feet of
residential floor space to the overall Masterplan area. The new scheme
proposes the creation of 340 new homes as well as improvements to the
façade of the existing building.

Gary Yardley, Investment Director of Capco commented:
“We are delighted that our detailed proposals for Earls Court Village and
the Empress State Building have been approved by RBKC and LBHF. The
project has real momentum and this decision signals another major
milestone in delivering the vision for Earls Court. As well as creating a
vibrant new part of London, the plans will act as an enormous boost to the
economy, creating thousands of new homes and jobs and signalling an £8
billion investment in the local area.”

Enquiries

Capital & Counties Properties PLC
Sarah Hagan, Director of Communications          Tel: +44 (0) 20 3214 9185
sarah.hagan@capitalandcounties.com

Public relations
UK: Michael Sandler, Hudson Sandler             Tel: +44 (0) 207 796 4133
SA: Frederic Cornet, Instinctif Partners         Tel: +27 (0) 11 447 3030

Sponsor:
Merrill Lynch South Africa (Pty) Ltd

Notes to Editors:

The Reserved Matters Applications

•   Reserved matters applications seek approval for detailed design
    including landscaping, the scale of buildings and their layout and
    appearance. These detailed designs must and do comply with the
    Parameter Plans, Design Guidelines and Planning Conditions that form
    part of the consented outline planning permission.
•   This Reserved Matters Application was formally submitted to RBKC and
    LBHF by Earls Court Properties, a wholly-owned undertaking of Capital &
    Counties Properties PLC.
•   The detailed design proposals for Earls Court Village have been
    developed in collaboration between architects Sir Terry Farrell &
    Partners, KPF and Pilbrow & Partners.
•   Andy Sturgeon is one of the world’s leading landscape and garden
    designers whose contemporary gardens are widely admired for their
    timeless architectural qualities, innovative planting and sculptural
    characteristics.

The Empress State Building Application:

•   Capco became full owners of the Empress State Building in 2013 and it
    is leased to the Mayor’s Office for Policing and Crime (MOPAC) on
    behalf of the Metropolitan Police Service (MPS) until 2019.
•   This detailed planning application is separate to Earls Court Village
    and proposed:
    - 340 homes within the Empress State Building over a gross internal
       area (GIA) of 580,000 sq ft ranging from 1 to 4 bedroom apartments,
       10% of which have the ability to become fully disability accessible
       homes
    - Up to 102 housing units (up to 58,500 sq ft of GIA) to be made
       available for intermediate affordable housing within the Earls Court
       Masterplan area
    - Improvements to the façade of the existing building to reflect the
       change of use
    - Internal amenities for residents, including children’s play areas
    - Car parking ratio of 0.6 as agreed for the Earls Court Masterplan –
       211 car parking spaces within the basement area, including 37 spaces
       for blue badge holders
    - 468 cycle parking and 21 motorcycle spaces
    - A new retail unit to complement the new High Street


About Capital & Counties Properties PLC (Capco)

Capital & Counties Properties PLC is one of the largest investment and
development property companies that specialises in central London real
estate and is a constituent of the FTSE-250 Index. Capco holds 3.6 million
square feet of assets valued at £2.3 billion (as at 31 December 2013) in
two landmark London estates: Covent Garden, which has assets valued at
£1.2 billion including the historic Market Building, and Earls Court
Properties including the Empress State Building with aggregate property
assets of £934 million.

The company is listed on the London Stock Exchange and the Johannesburg
Stock Exchange.

www.capitalandcounties.com

About the Earls Court Masterplan:

The Earls Court Masterplan received outline planning consent in November
2013 and is one of the largest regeneration projects in London. The
Masterplan covers 77 acres of land, known as the Earls Court & West
Kensington Opportunity Area, owned by Capco, TfL and London Borough of
Hammersmith & Fulham (LBHF). The Earls Court Masterplan is 10.1 million
square feet of space and was designed by Sir Terry Farrell who was
inspired by the best of London to create 'Four new Urban Villages and a
21st Century High Street’. The Masterplan will deliver 7,500 new homes,
10,000 new jobs as well as new open green space, health facilities, new
schools, community and cultural space and improvements to the transport
and infrastructure of the local area. Earls Court 1 & 2 will be part of
the first phase of the Earls Court Masterplan with further phases to
include the estates within LBHF and London Underground Limited's Lillie
Bridge Depot, if and when it is operationally feasible to do so.

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