Capco has released a pretty upbeat trading statement, confirming that 50 of the 70 apartments in Phase 2 of its Lillie Square scheme have now either been reserved or exchanged.
Enquiry levels between July and November “remained positive”, according to the developer behind the Earls Court masterplan, with sales in line with previously achieved prices in Phase 2, and at a premium to Phase 1 (which achieved an average of around £1,500 psf and a top whack of £2,800 psf).
The apartments in Phase 1 of Lillie Square are nearly there and the first residents are due to move in over the course of the next few weeks.
The management team confirmed the first phase of demolition of the former Earls Court Exhibition Centres has finished on schedule, and demolition to basement level is due to begin shortly, further de-risking the site and enabling the land for future development. The final phase of demolition is expected to take 12 months and cost around £40m.
Ian Hawksworth, Chief Executive of Capco: “Capco is in a strong financial position with a conservative LTV of 20 per cent and over £500 million in cash and available facilities.”
A statement released in the aftermath of the Brexit vote confirmed a valuation of £1.2 billion for Capco’s share of the 77-acre, 7,500-unit Earls Court mega-project (a JV with TfL), £200m (14%) down on December 2015.