Capital & Counties Properties PLC (CCO) says the development in and around Seagrave Road remains on track to commence in 2013 following the completion of the remaining formalities for the creation of a joint venture between itself and entities in which certain members of the Kwok family are interested.

The development will deliver 808 new homes and a new garden square for London.

On completion of the 50:50 joint venture‚ in accordance with the conditional agreement reached between the parties in December 2011‚ Capco received a cash consideration of approximately GBP67 million from the Kwok Family Interests for the 50% interest in the development‚ which includes the Seagrave Road site and other adjacent assets.

Capco CEO Ian Hawksworth said the company looks forward to starting on site in 2013 to create this exciting new residential quarter for London. - I-Net Bridge