Capital & Counties Properties PLC ("Capco") has acquired the freehold interests of 31-33 Bedford Street in Covent Garden for a total cost of £32 million (€41 mln), including purchaser’s costs.
The acquisition comprises 25,000 ft² (2.322 m²) (GIA) and currently provides retail and restaurant units with prime frontage onto Bedford Street offering opportunities for creative asset management.
It also includes office space which overlooks St Paul’s Church Gardens and has detailed planning consent for conversion into 12 residential apartments.
The purchase of these prominent properties is in line with Capco’s strategy of making tactical acquisitions on the estate. This includes expanding its ownership on Bedford Street, which is one of the key access points into the Covent Garden estate, and follows the purchase of 10 Bedford Street for £67 million (€86.6 mln) in October last year.
Sarah-Jane Curtis, Director of Covent Garden, commented:"We are delighted to have expanded our ownership on Bedford Street through these acquisitions which offer the opportunity to unlock potential value on our estate. This acquisition provides the opportunity for creative asset management to reposition the retail offering as well as the potential to create residential properties which offer fantastic views across Covent Garden and restore the estate’s residential heritage."
Source: Capital & Counties