Capco pre-lets 60% of Kings Court development

London property company Capital & Counties (Capco) announced on Tuesday that it has signed a significant pre-let, following serious demand for its Kings Court development in Covent Garden.

The FTSE 250 firm said lifestyle brand Petersham Nurseries will occupy more than 16,000 square feet, creating “new bespoke retail and dining concepts” across four units.

Capco said it is the first major signing at Kings Court, covering 60% of the scheme’s commercial space, and begins the repositioning of Floral Street.

Plans for the Kings Court development include a new public courtyard, 10 retail and dining units as well as 45 apartments.

The development will open up the western side of Covent Garden, Capco said, enhancing the linkage and “permeability” between King Street and Floral Street.

Kings Court development is progressing to plan and is on track for a completion next year.

“We are delighted to welcome Petersham Nurseries to Kings Court at Covent Garden,” said Capco managing director and chief financial officer Soumen Das.

“The Kings Court development is designed to transform the western side of the estate, unlocking the value creation opportunity on Floral Street.

“We are very pleased that Petersham Nurseries has chosen this high quality scheme as its first central London location where its unique brand and bespoke retail and dining concepts will bring the development to life,” Das explained.

Investors seemed to agree with Capco’s excitement over the signing, with shares in the company up 1.22% at 1150 BST.