Capital & Counties has bought the long leasehold interest in 15-17 Long Acre and 27b Floral Street, WC2, for £79m – a yield of about 4.3%.
The 42,600 sq ft mixed-use block opposite the Floral Court development generates rental income of £3.4m. About 60% of this comes from its 18,5000 sq ft of retail space; the remainder of the property is let as offices.
Michelle McGrath, director at CapCo Covent Garden, said: “The purchase of this property is in line with CapCo’s strategy of acquiring prime assets at Covent Garden that offer the opportunity to create value.
“This acquisition expands our footprint in the area and further consolidates our presence on Floral Street, where recent signings include Kent & Curwen and The Shop at Bluebird.”
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