A weekly round up of the latest planning and property news from the central London boroughs
Kensington and Chelsea
EG reports that Capital & Counties has written down the value of Earls Court by a further £100 as the result of political uncertainty and the slow residential market. The total value of the 77-acre estate decreased by 11.8% from £1.1bn in December 2016 to £1bn at the end of 2017. In CapCo’s half-year results the value was still £1.1bn — despite a 2.4% decline over the six months – so the majority of the value was lost in the second half of the year.
EG reports that the owners of Nine Elms Square, SW8, are to start construction on more than 1,850 new flats in one wave before the end of 2018, despite concerns around oversupply in the area. In submissions to Wandsworth Council, Hong Kong-listed R&F Properties and the Cheesgrater owner CC Land said they planned to start on three plots of the site in the second quarter and another eight in the fourth quarter.
PW reports that Finchatton’s development at 20 Grosvenor Square is almost 50% sold six months into marketing, seemingly bucking the slowdown in the luxury market. They have been sold off-plan to a mix of British and international buyers.
EG reports that the landlord of the India Club at 143-145 Strand is calling on the culture secretary to reject calls to list the building over concerns a campaign to protect it from redevelopment has misrepresented the Club’s History. The petition has been signed by 20,000 people. Marston Properties believe that the petition is misleading because it does not say the India Club building began at 25-30 Craven Street, a separate building already listed by Historic England. An application was submitted in September to refurbish the interior and extend the property to the rear while maintaining its facade.