CapCo buys £70m Covent Garden property from Derwent

Investment company Capital & Counties bought a Covent Garden property from Derwent London real estate investment trust for £67.5m.

The multi-let Tower House building on the junction of Southampton Street and Tavistock Street has a £3.1m annual rent across 53,700 square feet, which includes 13,800 square feet of retail space, 37,000 square feet of offices and 2,900 square feet of accommodation.

CapCo chief executive Ian Hawksworth said: "Covent Garden is a world class retail and dining destination and Southampton Street is an important gateway to the estate. This acquisition is in line with our strategy to expand our footprint, acquire prime assets and invest in our estate."

Derwent chief executive John Burns added that the disposal was in line with its June valuation and with total sales of £140m year to date, it demonstrated the company’s ability to recycle capital.