The developer confirmed today its masterplan for a mammoth, 10m sq ft redevelopment scheme has full approval following the signing of the Section 106 agreement.

The 77-acre redevelopment straddles two London Boroughs and transport sites which meant the agreement needed to be signed with Hammersmith & Fulham, Kensington and Chelsea, London Underground and Transport for London.

The ambitious proposals drawn up by Sir Terry Farrell will see the famous Earls Court Exhibition Centre demolished.

Sir Robert McAlpine and Keltbray have been instructed to develop detailed strategies for demolition and construction work.

Earls Court 1 and 2 exhibition sites will be part of the first phase of the Earls Court Masterplan with further phases to include council estates and the London Underground Lillie Bridge Depot if and when it is operationally feasible to do so.

Capco also signed a conditional land sale agreement with Hammersminth and Fulham council for 22 acres of land including the West Kensington and Gibbs Green estates.

Gary Yardley, Investment Director of Capital & Counties Properties PLC, said:  “The formal planning consent, the signing of the Section 106 agreement and the exercise of the Conditional Land Sale Agreement are positive steps forward and add further momentum to the Earls Court project.

“These milestones will allow us to work with the local authorities to take this exciting development forward and deliver the Earls Court Masterplan which will create 7,500 much needed new homes and 12,000 jobs.”

Proposals also include include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 5-acre public park.