Capco’s Covent Garden Estate Drops in Value

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17 August 2020

The total property value of Covent Garden is now £2.2 billion, a decrease of 17 per cent (like-for-like) since 31 December 2019.

Capital & Counties Properties PLC (Capco), who owns and manages the Covent Garden estate, reported that net rental income is down 41 per cent to £18 million against June 2019.

The property company also commented that, as a pedestrianised open-air environment, Covent Garden is well-positioned as lockdown measures are eased and consumers return to central London. Additional streets around the Piazza have been pedestrianised, allowing for greater freedom of movement and increased al fresco dining across the estate.

Capco has provided support to retail and hospitality customers experiencing cash flow pressures, with rental agreements being adjusted on a case-by-case basis.

Helping Customers Reopen Gradually

Ian Hawksworth, Chief Executive of Capco, commented: “Covent Garden is a major central London destination offering a pedestrianised open-air environment. Our strong financial position has enabled us to take early action to support our customers through this extraordinary period and take advantage of market opportunities.

“Capco is focused on making sure our customers reopen successfully and are provided [with] the setting which offers the best opportunity to gradually build back towards previous levels of trade. The majority of our retail and hospitality customers have reopened with encouraging early indicators.

“There remain many challenges and an unpredictable economic environment however Capco is confident in the long-term prospects of the West End and the value of its unique investments.”

Picture: A photograph showing the exterior of Covent Garden market

Article written by Ella Tansley | Published 17 August 2020

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