Mishcon de Reya advises Capital & Counties on strategic Covent Garden acquisitions
Mishcon de Reya has advised Capital & Counties Properties plc (Capco) on the acquisition of five freehold properties in Covent Garden, London WC2, from Derwent London plc for £68 million before costs.
The properties comprise: 19a and 19-26 Floral Street, 26 and 27-32 King Street and 34 Rose Street. The adjacent properties, which front King Street and Floral Street, provide 71,900 sq ft of office, retail and residential accommodation around a central courtyard. There are 10 tenants, producing an annual rental income of £2.5 million.
The office component comprises 46,000 sq ft with tenants including F&C Asset Management and Beale & Co Solicitors. The retail element is 23,000 sq ft and there is 2,900 sq ft of residential. Retail tenants include Moss Bros, Hackett and Carluccio’s.
The team advising Capco was led by Stephen Hughes (Partner, Real Estate) with assistance from Jonathan Legg (Partner, Real Estate Tax), Daniel Farrand (Head of Planning) and Claire Parker and Helena Liebster (Assistants, Real Estate).