In the past week, Liberty International-owned Capital and Counties (Capco), a FTSE 100 property firm, completed the buy-out of the final 50% of Earls Court and its sister venues Olympia and the Brewery. The purchase will allow it to press ahead with plans to redevelop the Earls Court site.

"Earls Court, plus two adjacent pieces of land related to Transport for London and Hammersmith and Fulham, make up a 70-acre site," said a CapCo spokesperson. "The current thinking is that facilities at Olympia could be enhanced and the Earls Court site will be turned into a mixed-use but residential-led site."

The 70 acres of space amounts to around 120 football pitches, an almost unprecedented amount of prime London real estate.

Earls Court is scheduled to host the volleyball at the 2012 Olympics, so no action will be taken before then, but as things stand it will disappear as an event space soon after.

CapCo's buy-out of the three EC&O venues saw it take the remaining half of the business from a group including entrepreneurs David Coffer and Anthony Lyons. Capco acquired its original 50% stake in 2007.

This year Earls Court is to stage Clothes Show London and the Ideal Home Show. It also famously stages the Brit Awards each year.

Full details of the value of the Capco buy-out have not been released because the parent firm is readying itself for its annual results.

The group has already set up a consultation website - yourearlscourt.com - which is set to be relaunched "in the next couple of months".

Sister venue the Brewery remains unaffected by the plans.

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