Capital & Counties acquires Covent Garden leasehold

Capital & Counties Properties has acquired the long leasehold interest in 15-17 Long Acre & 27b Floral Street for £79m before purchaser's costs.

The property, which is located at the western end of Floral Street, opposite the Floral Court development, benefits from dual frontage on both Floral Street and Long Acre and presents long-term asset management opportunities.

It generates an annual rental income of £3.4m across 42,600 square feet with 60% of the income attributable to the retail space, which comprises 18,500 square feet, and the remainder of the space let as offices.

Michelle McGrath, director of Capco Covent Garden, said: "The purchase of this property is in line with Capco's strategy of acquiring prime assets at Covent Garden that offer the opportunity to create value. This acquisition expands our footprint in the area and further consolidates our presence on Floral Street where recent signings include Kent & Curwen and The Shop at Bluebird."

At 0920 GMT, the shares were down 0.4% to 264.70p.