Capital & Counties is continuing to “de-risk” its Earls Court land holdings, SW5, as the construction of phase 1 at Lillie Square nears completion, the company announced in a trading update.
CapCo devalued its Earls Court project by 14.3% to £1.2bn in July in the wake of negative market sentiment towards London residential.
However, in a trading update to for the period 1 July to 28 November, CapCo said it had sold 50 phase 2 flats at “a premium” to phase 1 with recent sales in line with previously achieved prices in phase 2.
Chief executive Ian Hawksworth said: “At Earls Court, we continue to de-risk our land holdings and have completed the first phase of demolition of the former Earls Court Exhibition Centres to ground level.
“Construction of phase 1 at Lillie Square nears completion and we are on track to welcome our first residents in the coming weeks.”
At Covent Garden, the company is on track to achieve its valuation target of £100m by December 2017. This year, it has seen 84 leases transacted representing £11.2m of income. Hotel Chocolat is the latest new signing to the Market Building, WC2, setting a new rental level of £650 per sq ft for the area.
Hawksworth said: “While 2016 has been characterised by uncertainty in the London market, we have continued to introduce excellent brands, set new rental tones and seen the successful transformation of the Royal Opera House Arcade.
“We have also expanded our estate further on Southampton Street, a key access point to the Piazza.”
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