Capital & Counties, advised jointly by Nelson Bakewell and EA Shaw, have exchanged contracts to acquire a substantial seven acre Central London investment in the prime retail location of Covent Garden from The Covent Garden Market Limited Partnership for €625.09 million. Nelson Bakewell will be retained as Property Managers.
Capital & Counties already owns retail, office and residential property on Long Acre and Floral Street worth over €74.24 million. This purchase adds to their ownership of over 450,000 sq.ft of freehold, retail, restaurant, office, leisure and residential space.
The investment, of a size and quality seldom available on the open market in London's West End, includes the iconic Covent Garden Market and surrounding Piazza as well as properties around the Market in King Street, Henrietta Street, Floral Street, James Street, Long Acre, Tavistock Street, Wellington Street and Maiden Lane.
Richard Williams, Managing Director of Property Management at Nelson Bakewell said: "We are delighted to be retained as Property Managers for the Covent Garden Estate. Nelson Bakewell has managed the entire Estate on behalf of the vendors for the last four years and will continue to provide a high level of consistency during the handover."
Current passing rents are approximately €25.54 million increasing, once lettings of currently vacant space have been concluded, to provide a running yield on cost of around 4.5%.
Source: Nelson Bakewell