“In this globally recognised location, we have to produce the most outstanding regeneration scheme in London. Anything less will not do.”
Jamie Ritblat is not usually one to get up on stage and shout about his successes, much less trumpet a project that has yet to be delivered. But the Delancey chairman and chief executive (pictured, left) made an exception last week at the Young Norwood Awards dinner and used a rare platform appearance to acknowledge that his decision to take on Earls Court was one of the hardest of his career.
He was persuaded to step on to the stage at the InterContinental London Park Lane Hotel by a charity whose work he admires and by Ian Marcus (pictured, right), one of real estate’s best-known dealmakers and the chair of the judges.
Being celebrated was the £425m deal struck by Delancey and Dutch investor APG last November to acquire the Earls Court development site from Capco. It was, according to Marcus and his fellow judges (including EG’s retail, leisure and logistics editor, Pui-Guan Man), the Deal of the Year.
Patching up relations
It was quite a deal. Investors as diverse as Hong Kong’s CK Asset Holdings, Berkeley Homes, Canary Wharf Group and One Hyde Park tycoon Nick Candy’s Candy Ventures had been linked to a site whose recent history would generously be described as troubled.
Development had been on the cards for 10 years, but stalled amid a deadlock between the developer, Hammersmith & Fulham Council and residents.
But even as the deal was completing in December, Delancey and APG were already looking to patch up relations with the council and the community, immediately terminating the contentious conditional land sale agreement struck by Capco and Hammersmith & Fulham. In doing so, it returned to the council land which formed part of the previous Earls Court masterplan, including the West Kensington and Gibbs Green housing estates.
On stage, Ritblat drew a parallel between a project of this scale and the 550 guests at the Young Norwood event, including his somewhat younger fellow award winners. “Nurturing talent requires patience and support and, much like urban regeneration, it can be complex and take time,” Ritblat told the audience.
Describing Earls Court’s 25 acres as “the most complex – and without a doubt rewarding – project Delancey has ever embarked upon”, he said he was “humbled” by the recognition at an event which raised £135,000 for Norwood’s work supporting children, families and people with learning disabilities and autism.
“Life has taught me that one needs to expect and prepare for challenging times, especially when embarking on a masterplan and development process as complex and large as this at Earls Court. With multiple Tube and train stations to be built over and thousands of stakeholders to engage with, we have no illusions about the difficulties ahead.”
And he acknowledged too that Delancey had a long way to go before it could declare itself satisfied. “It is far too early of course to speak of ‘success’,” he said. “But the patience and complexity, both corporately and politically, required to get the deal to a point when we could actually do it is not to be underestimated.”
Being bold
Previously, Ritblat has talked of “the challenges of knitting back in a London landmark, creating an energised commercial destination and vibrant residential community, seeking a balance of pricing that will return Earls Court to Londoners and allow it to once again thrive alongside all its neighbours”.
For this audience, though, he opened up about the challenges, personal and professional, of taking on such a high-profile project, one made harder by its chequered recent history. And with a closing message designed to inspire the next generation, he talked of the inspiration he had drawn from a cultural force whose work and influence endures.
“The decision to proceed with Earls Court, one week ahead of December’s General Election, was one of the hardest I have taken, particularly considering the history of the site and the personal pressures that such projects create.
“The night before we were due to sign, I was reminded of a quote from the writer and poet Goethe that: ‘Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it.’
“I may not be a genius, but in this business, boldness, not folly – and self-belief, with the support of those around you – can allow dreams and magic to happen.”
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