The twin pressures of London’s falling residential market and local politics have forced Capital & Counties to reduce the value of its grand Earls Court residential development by a further £131m.
The developer said that the 11.8% reduction in the land value of the proposed scheme in the year to the end of December meant that the project was now valued at £1bn. The ambitious mixed-use project has fallen in value by more than 30% since 2015.
The 77-acre development includes plans to build more than 7,000 homes as well as offices, restaurants and retail space. It involves the demolition of the Earls Court exhibition centre, which once hosted sports events, concerts and trade fairs, and potentially hundreds of homes on two council estates.
