£12 billion Earl’s Court scheme value hidden to avoid affordable housing

West Ken & Gibbs Green - The People's Estates

EC ariel

After nearly two years of fighting to get the viability assessment of the Earl’s Court scheme, Capco and Kensington & Chelsea finally gave in to the Information Commissioner’s demand that the report be released. The Councils and the developer had good reason to keep the assessment produced by DVS secret. The scheme is not worth £8 billion, but £12 billion – and that was in September 2012. So imagine what it’s worth now!

Amazingly the DVS review showed that the scheme was not viable on the basis of Capco’s assumptions, a reason in itself not to approve the scheme. But it was also critical of Capco’s reluctance to co-operate with the assessment. Throughout their review, DVS questioned the calculations and methodologies that were used to justify 11% of so called ‘affordable’ housing.

In their defence, Capco claims that “the DVS had full access to all relevant Capco information”. But…

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About nickygavron

Former Deputy Mayor for London, London Assembly Member, Chair of Planning Committee, and Labour Spokesperson for Planning
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