2nd May 2014 07:05
LONDON (Alliance News) - Property investment and development company Capital & Counties Properties PLC Friday said it has made a "positive" start to the year after launching its new residential development in Fulham, London.
In an interim management statement for the period January 1 to date, the London-focused company said over 200 flats have now been reserved or exchanged as part of the first phase of its Lillie Square development.
Once completed, Lillie Square will be one of the largest residential developments in London, transforming what is currently a 7.5 acre car park on Seagrave Road into 808 high-end homes set around a new garden square.
FTSE 250-listed Capco also said its Covent Garden estate continues to be attractive to tenants, with leasing transactions completed at 3.6% above December's estimated rental value. It said four new retail and restaurant lettings have been signed including design swimwear retailer Orlebar Brown and Michelin-starred restaurant Lima.
Overall, GBP46 million worth of site acquisitions have been made on the Covent Garden estate in the year-to-date, it said.
Financially, Capco said it is in a "solid" position with a loan-to-value ratio of 17% and liquidity of GBP425 million at the end of March.
Capco shares were up 0.5% at 336.95 pence at the open Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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