Earl’s Court value slump

MORE than £100m was wiped off the value of the Earl’s Court redevelopment site last year as the London housing market stuttered.

Developer Capital & Counties, which owns the land, said it was worth £658m at the end of 2018, down from £759m a year earlier. It plans to transform the site, which is made up of several plots of land over 77 acres, into a thriving neighbourhood in central London, including homes, offices and shops.

The slump widened losses from £400,000 to £56.9m. But its Covent Garden estate’s value rose by 1.6pc to £2.6bn.

Bosses are now considering separating the Covent Garden business from the Earl’s Court division.