Capital & Counties has reduced the value of its Earls Court development to £1.2bn as of June 30, from £1.4bn at the end of last year, a cut of 14%.
The last quarter was characterised by uncertainty in the London market as a whole, the company said.
The price of homes on the site is not expected to be affected, despite the reduction in the value of the land, Capco’s chief executive, Ian Hawksworth, said. There’s a lot of interest and we’ve had a very active period for sales, he added.
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