28th Nov 2016 07:47
LONDON (Alliance News) - Capital & Counties Properties PLC Monday said its estate is on course to meet its estimated rental value target for the end of 2017, as it has seen strong levels of leasing activity in Covent Garden in 2016 to date.
The London-focused property developer Monday said that, in the period from the beginning of July to Monday, leasing activity at Covent Garden had been positive.
The company said that 2016 to date has set a "new record" for leasing activity at Covent Garden, with 84 leases transacted, representing GBP11.2 million of income.
The estate remains on course to achieve its estimate rental value target of GBP100 million by December 2017, Capital & Counties said.
"Whilst 2016 has been characterised by uncertainty in the London market, we have continued to introduce excellent brands, set new rental tones and seen the successful transformation of the Royal Opera House Arcade. We have also expanded our estate further on Southampton Street, a key access point to the Piazza," said Chief Executive Officer Ian Hawksworth said in a statement.
Meanwhile, at its Earls Court properties, Capital & Counties has continued to de-risk its land holdings, and it completed the first phase of demolition of the former Earls Court Exhibition Centres to ground level. Construction at its Lillie Square site is nearing completion, and will welcome its first residents in the coming weeks, the company said.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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