PRETORIA - Capital & Counties (Capco), the listed specialist central London property company that owns significant prime properties in Covent Garden and Earls Court in central London, has acquired the long leasehold interest in 15-17 Long Acre & 27b Floral Street in Covent Garden for £79million (R1.43billion) before purchaser’s costs.
Michelle McGrath, a director of Capco Covent Garden, said yesterday that the purchase of the property was in line with Capco’s strategy of acquiring prime assets at Covent Garden that offered the opportunity to create value. Capco said the property was located at the western end of Floral Street, opposite the Floral Court development, and benefits from dual frontage on both Floral Street and Long Acre and presented long term asset management opportunities.
It said the property generated an annual rental income of £3.4 million.
- BUSINESS REPORT