Capital & Counties Properties (Capco) and Transport for London (TfL) have formed a joint venture (JV) to develop the first phases of the £8bn Earls Court master plan.
The Earls Court Partnership JV will allow the re-development of Earls Court one and two exhibition centres to commence.
Capco will own a 63% stake in the JV, while TfL will own the remaining 37%.
Designed by architect Sir Terry Farrell, the scheme will comprise of 10.1 million ft² of development space and a new five acre park for London.
The master plan will deliver 7,500 new homes, a new primary school, a new leisure centre, new health facilities as well as community and cultural spaces.
Plans also include significant improvements to the transport infrastructure, such as increased capacity at Earls Court, West Kensington and West Brompton underground stations.
TfL owns the freehold to the exhibition centres Earls Court one and two and Capco is the leaseholder of both sites.
Apart from its leasehold interest, Capco also owns interests in other adjacent land, including the Northern Access Road, which will be contributed to the JV.
Capco investment director Gary Yardley said: "The re-imagination of Earls Court is moving forward and presents a unique opportunity to establish a new address in central London."
TfL director of commercial development Graeme Craig said: "This is another great step forward in the development of the Earls Court master plan, which will create much-needed homes and jobs for London whilst generating substantial revenues for us to reinvest back into the transport network."
Image: The Earls Court development will feature 7,500 new homes, a new primary school and a new leisure centre. Photo: courtesy of Earls Court.