New Trade Jobs as Kwoks set to roll in £300m deal

A £300 million development programme, part of an ambitious £8 billion residential scheme for London, is set to start in next year following an agreement between developers.

Capital and Counties Properties (Capco) today finalised the deal with Hong Kong developers, the Kwok family, to build 800 new homes around Seagrave Road in central London.

The investment is set to bring thousands of new trade jobs for the construction industry and encourage economic growth.

Proposals include building new offices, leisure and retail space as well as a new primary school, library and open public areas. The project will include 200 affordable homes that will be offered to tenants in nearby estates.

Ian Hawksworth, Chief Executive of Capco said: “We are pleased to have completed our joint venture agreement in relation to the Seagrave Road project and look forward to starting on site in 2013 to create this exciting new residential quarter for London.”

In accordance with the conditional agreement reached in December 2011, Capco received cash consideration of approximately £67 million from the Kwok family for the 50 per cent interest in the development, which includes the Seagrave Road site and other adjacent assets.

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