Earls Court Down?

Speculation that London may lose one of its major exhibition centers went up a notch after a shift in ownership of the historic Earls Court. Capital & Counties, which previously owned a 50-percent interest in the Earls Court & Olympia complex, bought out its partner, EC&O Venues, in a deal that was finalized late last month.

Officials from Capital & Counties issued a written statement to Tradeshow Week indicating it and adjacent landowners TfL and LBHF were exploring options for the future of the site.

“The three landholdings together comprise a 70-acre site, which makes it a place of outstanding opportunity,” according to the statement. “Our thinking is still at a very early stage and no plans or planning applications have been finalized. In terms of future exhibition uses at Earls Court, no final decisions have been taken. But we are presently exploring a range of options, including the enhancement of our world-class exhibition center at Olympia.”

Meanwhile, Nigel Nathan, group managing director of EC&O Venues, said Earls Court & Olympia continue to be successful, hosting 190 exhibitions, 30,000 exhibiting companies and 200 conferences annually. Recently, Earls Court lured two new shows to the venue: the Toy Fair, organized by the British Toy and Hobby Assn., and Clothes Show London, organized by Haymarket Media Group.

Two of the largest shows held at Earls Court are Media 10's 101-year-old Ideal Home Show, called the biggest consumer show in the United Kingdom, and Clarion Events' MPH Show, an annual car show simultaneously held at Earls Court and the Natl. Exhibition Centre in Birmingham.

Nathan said Capital & Counties has made its desire to redevelop the Earls Court site no secret, but it is an enormously complex project, with significant implications for London. The project is in the earliest stages of discussion and will require significant political support at the local and national levels, he added.

Officials at EC&O Venues said they were aware of the recent flurry of media speculation surrounding the future of Earls Court that resulted from the recent ownership change. The U.K.-based Guardian newspaper reported the Earls Court complex, which covers around 26 acres, including an exhibition and conference center, would be bulldozed after hosting some Olympic Games events in 2012 and become part of a massive residential development proposed for the surrounding area.

The demolition would not include its sister venue, Olympia, but it could have ramifications for London's other main exhibition venue, ExCeL London – The Intl. Exhibition & Conference Centre, as well as the Natl. Exhibition Centre in Birmingham and the U.K. exhibition industry in general. However, there are significant hurdles to clear before any demise of Earls Court would be able to occur.

David Pegler, managing director of ExCeL London, said the latest news regarding Capital & Counties' intentions did not come as a surprise to him because rumors have circulated in London's commercial real estate industry for some time concerning changes to Earls Court and its potential redevelopment. Thus, the opening of the long-awaited ICC London ExCeL international convention center, set for May, could not be timed better, he added. The new facility will span a total of 100,000 square meters (1 million square feet).

If and when Earls Court is demolished, the exhibition business would be shifted to a refurbished Olympia, officials said.

Trevor Foley, chief executive of London-based tfconnect, said rumors of Earls Court's demise have come and gone several times during the years, but the intent is serious.

“The reality of the situation is that there are many hurdles to overcome: political, financial and the logistics of having three separate landowners,” he added. “If I were a betting man, I'd say that the chances of anything happening immediately after the Olympics are slim. There's a lot of ducks to line up and a decision is bound to go all the way to central government.”

Foley said, “If it does get the green light, the hope is that it would be with exhibition space as part of the development plan. Either way, a side benefit of the process is likely to be the development, with some additional space, at the other group site, Olympia.”

The 73-year-old Earls Court One has 41,811 sq. m. (450,000 sq. ft.) of exhibit space, and Earls Court Two, opened in 1991, offers 17,000 sq. m. (183,000 sq. ft.). Olympia, opened in 1886, offers 28,000 sq. m. (301,000 sq. ft.) of exhibition space.